Reportedly, South Korean lawmakers are introducing a crypto-friendly law that will promote trade and trade development while the government is working on a blockchain voter platform.
The bill proposes the establishment of a committee to promote and support the negotiation crypt in addition to capital requirements, labor and internal systems.
According to Bitcoin.com, which cited local media, parliamentarian Kim Sun-dong announced that it had launched the Digital Asset Trading Promotion Act last week that "includes a comprehensive plan to establish a guideline to promote the development of trade in virtual currency and blockchain technology, tax reduction and exemption, measures against piracy damage and prevention of market disruption ".
He emphasized that a new industry law was needed to prevent the blockchain startups and cryptographic companies from leaving the country, as they did in China. Using Bithumb as an example, which was recently sold to a Singapore consortium, Kim added that encrypted transactions represented a large portion of securities transactions in the country at the start of this year.
The bill makes the definition of what attributes "money online" and includes other digital resources such as gaming elements and cryptographic tokens. He adds that cryptographic exchanges must take responsibility for hacks and loss of customer funds as well as having more than 3 billion won ($ US2.65 million) in capital to cover such losses.
Other aspects of the sector known to the sector include the creation of a committee for the trading of digital goods, the promotion of research and development projects, financial support, professional training and tax reduction.
South Korea is also developing a blockchain-based voting system, according to Zdnet. The Ministry of Science and ICT and the National Electoral Commission (NEC) have stated that they will develop the system by the end of the year. It will increase transparency in the voting process by including an authenticated user system that verifies the identification of voters as well as providing users with access to view their deposited vote and electoral progress.
The country's leading blockchain company, Iconloop, has also developed blockchain-based citizen identification systems and voting platforms, so it is likely that the two are working together. Last month, Icon demonstrated the new blockchain systems as well as a cashless payment system using QR codes.
Recently, South Korea's Internet Security Agency (KISA) assigned its first information security management system license (ISMS) to an encrypted exchange. Upbit was the recipient and became the pioneer, receiving the award for his strong infrastructure.
While China and India continue to build walls for the cryptic industry, South Korea continues to move forward.