The South Korean Blockchain Enterprise Promotion Association has urged the government to regulate the blockchain industry to help its development.
The South Korea's Blockchain Enterprise Promotion Association, set up last month, urged the local government Tuesday to regulate blockchain in a way that will help the country become a leader in the fourth industrial revolution, local media Korea JoongAng Daily reported . The association, which includes former politicians and professors, hopes that a legal framework for technology will also generate new jobs.
"Countries around the world are applying blockchain technology to all aspects of society, including healthcare, retail and logistics," Yoo Joon-sang, president of the association, told a news conference. , quoted by Korea JoongAng.
"But instead of welcoming the popular fervor for technology, the government focuses on controlling to deal with the negative short-term side-effects, which is essentially eliminating the economic opportunities that lie before us," added.
The association now asks the government to develop a legal structure that encourages the development of the blockchain industry. Yoo Joon-sang said that the association also requires the regulation of initial exchanges of coins (ICO) and cryptocurrencies.
At the beginning of July, South Korea recognized the industry of cryptocurrencies for the first time, trying to align with international standards and lighten the blockchain regulation.
Now the association hopes to push the country further by providing its expertise to help the government create a crypto-friendly environment. He even had the idea of making the biggest island in South Korea, Jeju Island, a hub of the country's blockchain industry. Representatives have already met the island's governor to discuss this opportunity.