The Korea Blockchain Enterprise Promotion Association, launched recently, has called on the state to adopt cryptographic and blockchain technology, the local news agency Korea Joongang Daily reports on August 8th.
According to the report, the blockchain association has submitted a request with the government to regulate the new technology to benefit from its opportunities instead of focusing on its negative "short-term side effects".
The association stressed that it requires the government's regulatory action on both blockchain technology and cryptocurrencies, including Initial Coin Offerings (ICO), reports Korea's Joongang Daily. The move aims to help generate jobs, and "pave the way for Korea to lead the world in the fourth industrial revolution".
Yoo Joon-sang, the president of the association, pointed out that other countries are actively applying blockchain technology "to all aspects of society, including health care, retail and logistics", emphasizing that in South Korea
"Instead of embracing popular technology fervor, the government focuses on controlling negative negative side effects, essentially eliminating the economic opportunities facing us."
The Korea Blockchain Enterprise Promotion Association was officially established on July 17, 2018 in response to the growing popularity of distributed ledger technology (DLP).
The association is composed of former politicians, including National Assembly member Ryu Keun-chan and former Prime Minister Lee Soo-sung, as well as academics such as Kim Hyoung-joong, chief of the Korea University Cryptocurrency Center at the Graduate School of Information Security.  South Korea's cryptocurrency and blockchain technology have seen positives and negatives, as the country has banned anonymous encrypted commerce and banned minors and government officials from trading, but more recently revoked the ban of Initial Coin Offerings (ICO) and legalized Bitcoin (BTC) as a remittance method.
Earlier this week, South Korea's financial holding company KB Financial The group published a report that shows that only 2% of the country's citizens intend to invest in cryptocurrencies in the future.
On 6 August, the public biotechnology institution Macrogen, which is the leading provider of gene sequencing services, announced that it is developing a blockchain-based genomic database to protect and transfer genomic information and other medical information from clients.