New Blockchain Regulation Improvement Study by South Korean Ministry of Science and ICT Announced

Quick Facts

  • South Korea starts another research study on blockchain technology.
  • This study will focus on institutional areas that could help with the widespread implementation of blockchain.

In South Korea, cryptocurrency regulations still have yet to be settled. In an effort to learn more about the technology, the Ministry of Science and ICT plans to go through with a follow-up study to further help regulations to determine the best court of action for blockchain technology. The new study, which was announced on May 21st, is called “Blockchain Regulation Improvement Study Group.”

The new study ground is part of an initiative to determine the best ways to improve the technology behind blockchain, run entirely by the science and tech arm of the government. Ultimately, this sector aims to make widespread institutional adoption possible for blockchain technology. The group was originally launched in June 2018.

When the study group was launched last year, the goal was to improve blockchain’s regulations, specifically pertaining to privacy, smart contracts, electronic documents, and other areas. However, this year’s research group plans to deal with a few institutional area – logistics and distribution, healthcare, finance, public services, and energy. These areas of interest will make it easiest for blockchain technology to see the widespread adoption that South Korea is hoping for.

South Korea’s capital – Seoul – plans to implement blockchain technology on the local citizen cards, ensuring that the holders of these cards can easily access administrative services while verifying their identity. The Mayor of the Capital, Park Won-soon said that there’s already services that have blockchain technology implemented, like e-voting. Furthermore, there is already $1 allocated towards blockchain technology startups, which can be used over the next 3 years.

Blockchain strategies are also being researched in New Zealand, Germany, Australia, and the United Arab Emirates (UAE).

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