Korea Blockchain Enterprise Promotion Association Urges Govt to Provide Crypto Legal Clarity

Korea Blockchain Enterprise Promotion Association Urges State To Incorporate Cryptocurrency And Blockchain Technology With New Regulations

The Korea Blockchain Enterprise Promotion Association was established by a local group in South Korea on June 17th this year, triggered by the growing interest in distributed ledger technology (DLT). The group seems to be primarily made up of politicians and blockchain startups, all who feel that there’s major potential for blockchain technology in the area. Some of those members include Ryu Keun-chan of the National Assembly, former prime minster Le Soo-sung, and Kim Hyoung-joong of the Cryptocurrency Center at Korea University.

In a report from the Korea Joongang Daily, it seems that this group is urging the state governments to take part in welcoming cryptocurrency and blockchain technology, albeit with some regulations. It also suggests that the government take a moment away from focusing on the potential “short-term side effects.”

The organization outlines the need for regulatory measures in their demands, especially for upcoming initial coin offerings (ICO). By incorporating these options, the organization hopes that it will improve the employment rate, while paving “the way for Korea to lead the world in the fourth industrial revolution.”

Yoo Joon-sang is the president of the association, and he recognizes how there are already other countries that are incorporating blockchain technology publicly. It has managed to positively impact a wide array of industries, “including health care, retail, and logistics.” In South Korea, however, Joon-sang said,

“Instead of welcoming the people’s fervor for the technology, the government is focused on controlling it to address negative short-term side effects. This is essentially kicking away the economic opportunities that lie in front of us.”

The concept of cryptocurrency and blockchain technology in South Korea has been a rollercoaster of sorts. Locally, anonymous crypto trading is forbidden, and they have placed a ban against any government officials or minor citizens that want to trade. However, there is no longer a restriction on ICOs. Furthermore, consumers are now able to use Bitcoin for payments.

The lack of available restrictions may be a result of the public opinion of the industry. The KB Financial Group recently held a survey of consumers that had significant involvement in the financial industry with their investments. The survey revealed that only 2% of those surveyed had plans to invest in cryptocurrency with certainty.

In an effort to demonstrate the true reach of this technology, Macrogen, a public biotech institution, said that they are establishing a genomic database that runs entirely on the blockchain. This record would include genomic and other medical information for clients, ensuring that they can have consistent and supportive healthcare wherever they go.

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