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The body that governs South Korean lawyers has asked the government to speed up the introduction of blockchain regulations.
According to a Reuters report Thursday, the Association of Korean Lawyers said the government should "quickly" develop blockchain laws in the country to help develop the technology industry and protect investors.
Kim Hyun, president of the Korean Bar Association, said:
"We urge the government to abandon negative perceptions and hesitations and to process invoices to help develop the blockchain industry and prevent the side effects that involve cryptocurrencies."
The government, however, will make a decision only after studying the technology thoroughly. He is currently examining the situation, along with financial regulators in the country, according to the Reuters report.
In July, the Financial Services Commission (FSC), the country's financial watchdog, setting up a new department dedicated mainly to cryptocurrencies and blockchains. Dubbed Financial Financial Bureau, it was created to focus on developing industry policy initiatives.
Also in July, a senior FSC executive asked the government to approve a proposed law that would regulate the exchange of national cryptocurrencies urgently in order to counteract the security of the sector.
At the same time, it was assumed that members of a number of Korean political parties would have to present a series of invoices focusing on the regulation of cryptocurrencies, the first offers of coins and the blockchain. So far, however, there has been no action from the government.
The lack of clear rules is also making sure that national encryption exchanges are increasingly established in external jurisdictions, according to The Korea Times.
The news comes after a group of judges, lawmakers and industry experts has formed a new group this summer, called the Blockchain Law Society, with the aim of discussing legal issues related to blockchain technology.
Flag of South Korea image via Shutterstock
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