Korea Blockchain Association Calls on Government for Crypto Regulations

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The Korea Blockchain Enterprise Promotion Association, formed last month, has called on the government to embrace blockchain technology and crypto and regulate the industry.

According to a report by Korea Joongang Daily, a local news agency, the association which comprises professors and politicians, has filed a demand for the government to regulate the sector instead of shunning it.

In so doing, they say the country will benefit from the opportunities therein and stop focusing on “short term side effects.” Some of the benefits they highlight include creating job opportunities and paving the way for the country to “lead the world in the fourth industrial revolution.”

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Countries around the world are applying blockchain technology to all aspects of society including health care, retail and logistics,” said the association’s president, Yoo Joon-sang at a press briefing on Tuesday.

‘Kicking Away Opportunities’

Explaining the ill effects of the South Korean government’s reaction he further said, “This is essentially kicking away the economic opportunities that lie in front of us.”

The group demands that instead, the state should welcome the population’s fervor for the innovative technology. In order to do so, they would need to “hurry to regulate” the industry by devising policies for Initial Coin Offerings (ICOs) and cryptocurrency exchanges.

The Korea Blockchain Enterprise Association came into existence on 17th July this year in order to address the rising popularity of the technology behind digital assets.

Some of its notable members include former prime minister Lee Soo-sung, former National Assembly member Reu Kyun-chan and Prof. Kim Hyoung-joong, head of the Cryptocurrency Centre at Korea University’s Graduate School of Information Security.

Their key objective is to apply their expertise in technology and government experience to push for the adoption and regulation of distributed ledger technology (DLT) in various local industries.