A group of South Korean blockchain experts will establish a legal agency to explore the technology and apply it in various sectors of society, the local news bulletin Yonhap News reports on August 20.
According to the announcement, the association, called "Blockchain Law Society", will be officially launched in South Korea this Friday, August 24th.
The organization focused on the blockchain aims to develop a legal framework for the applications of distributed ledger technology (DLP), how to establish cooperation between various sectors such as "economics, computer engineering" and business.
The Blockchain Law Society will use the efforts of experts from various fields such as legal entities, universities and other industry specialists to study the legal aspects of the new technology and develop legislation to regulate the blockchain, reports Yonhap News.
At the start of this year, the Korean Blockchain Association (KBA) announced an internal self-regulation framework for its 14 member encryption exchanges, including important requirements such as the holdings of operational customers separately from their own and the publication of periodic financial reports.
In July, three South Korean ministers – the National Bureau of Statistics, the Ministry of Science and Technology and the Ministry of Information and Communication revealed a collaborative initiative to establish new industry classifications by national blockchain standards.
Recently, South Korea has also announced plans to promote blockchain technology along with seven other camps in the domestic economy, which plans to invest 5 million won or about 4.4 billion dollars. ;next year.