There are some layers in South Korea that are working in order for the government to establish a new cryptocurrency legal framework. The information was released by Reuters a few hours ago.
The lawyers want the government to establish a legal framework that would help develop the blockchain and cryptocurrency industry and protect investors from possible frauds and scams. According to Reuters is not usual for the Korean Bar Association, which includes all local lawyers, to support a specific technological or business interest group.
South Korea is one of the most technologically advanced countries in the world. Moreover, in this Asian nation, the cryptocurrency market has expanded to the entire population.
Bar Association President Kim Hyun said about it:
“We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.”
The local government explained that it will be taking a decision about how to regulate the crypto and blockchain market after a thorough study. At the moment, authorities are working with regulators in order to understand how to better regulate the market.
In 2017, the government decided to ban Initial Coin Offerings (ICOs) form operating in the country and several rumours spread about a total crypto ban. Despite the fact that the ban did not take place in South Korea, the government imposed some restrictions to cryptocurrency exchanges and investors operating in the crypto world.
Japan has also decided to heavily regulate the market. The Asian island was able to create a predictable framework for virtual currencies and blockchain technology, allow companies to expand in the market, and protect investors from fraudsters.