New Regulations introduced for Crypto and Blockchain in South Korean

August 8, 2018

South Korean regulators have revealed drafts of bills intended to develop rules on cryptocurrencies, initial coin offerings (ICOs) and blockchain technology, The Korea Times reported in July, 2018.

Regulators would reportedly introduce the drafts at an extraordinary session of the National Assembly, which would take place from July 13 to 26. Regarding to the Korea Times, regulations on trading platforms in order to prevent money laundering, cybercrimes and personal data leaks have been called by representative Song Hee-kyung of the leading opposition Liberty Party Korea (LPK).

Representative Park Yong-jin of the ruling Democratic Party of Korea, Chung Tae-ok of the LPK and Choung Byoung-gug of the minor opposition Bareun Mirae Party were reportedly planning to present their respective bills on the legal framework of digital currency and crypto exchanges.

Oh Se-jung, the leader of the working group on cryptocurrency issues of the Bareun Mirae Party, has emphasized that crypto exchanges security measures must have been reinforced.

South Korean lawmakers have been constantly changing their perspective towards cryptocurrencies. Last month, the government announced plans to reverse the previous ICO banning, which the government initially legislated in September 2017, while the Ministry of Science and Technology decided to strengthen cooperation with the U.S. in promoting the “Industrial Revolution 4.0” powered by blockchain initiatives.

South Korea announced it was drafting major new industry classification standards for the blockchain industry in the country. The new classification scheme, which will serve as a foundation for policy making aimed at “blockchain promotion and regulatory frameworks”, reportedly should be developed by the end of July, 2018.

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