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South Korean Lawyers Support Regulation Of Crypto Sphere

20:05 09/11/2018

The members of the South Korean Bar Association appealed to the country's cabinet of ministers to prompt it to speed up the development of a legal framework for the development of the crypto industry and blockchain, Reuters reports.

Such an activity in terms of campaigning for lobbying the interests of any business community is considered rare for a South Korean legal organization, membership in which is mandatory for all lawyers in the country.

Moreover, the government of one of the most developed high-tech countries in the world, where many crypto companies and exchanges operate, was criticized for ignoring the adoption of regulations regarding blockchain.


The cabinet should abandon the negative perception of technological innovations and should not hesitate to intensify the drafting of bills to develop blockchain and cryptocurrencies, the Association President Kim Hyun stated at a press conference in parliament.

Government officials promised to define their position distinctly only after a thorough examination of all issues related to new technologies. Now the regulators, including financial ones, are dealing with this. In July, the country's financial regulator created a unit to study the crypto sphere.

Representatives of some Korean political parties have already developed a number of bills aimed at regulating the crypto sphere, the ICO, and blockchain, but there have been no actions from the government so far.

As previously reported, the South Korean authorities are going to announce the decision regarding the ICO legalization in November 2018.

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