South Korea Forges Ahead in Blockchain with New Trade Bill and Electoral Solution

February 10, 2019

Lawmakers in South Korea are introducing a trade bill that will define online money. As a crypto-friendly initiative, the bill will promote cryptocurrency trading and support exchange development. The government of South Korea is also in the process of testing a blockchain voting system.

The trade bill proposes to establish a crypto support committee, which is expected to establish guidelines for capital requirements, workforce and development of internal systems for the crypto ecosystem. As reported by a local news media, any business that wants to operate a digital asset trading must have capital of more than $2.66 million ($3 billion Won). Furthermore, the physical setup and operating team must be approved by the Financial Services Commission (FSC).

Korean lawmaker Kim Sun-dong announced that he initiated the Digital Asset Trading Promotion Act to establish guidelines for the development of blockchain technology and cryptocurrency. As a member of the National Assembly’s Political Committee, Kim Sun-dong emphasized the need for legislative procedures to institutionalize the technology.

According to a local media, the act covers a comprehensive plan for the development of the exchanges, technology, measures for hacking prevention and damage control along with taxation aspects.

Kim emphasized the need for a law that supports the growth of crypto and blockchain industry in South Korea. Citing the example of how blockchain startups and crypto companies left China, Kim pointed out that despite crypto transactions accounting for a large portion of stock transactions in South Korea in early 2018, Bithumb was sold to a Singapore-based consortium.

The bill defines the attributes of digital assets, which will include online money, points, game items and cryptocurrencies. According to the bill, the crypto exchanges will assume liability for hacks and any losses incurred by their clients. The bill establishes guidelines for financial support, professional training and tax considerations for research and development of blockchain projects.  

According to news media Zdnet, the government of South Korea will soon adopt a blockchain-based electoral system. The aim of the adoption is to bring transparency to the existing voting system. Voter identification, authentication and voting choice will be recorded in the distributed ledger of the blockchain project being developed by the Ministry of Science and ICT and the National Election Commission (NEC). According to reports, South Korea’s leading blockchain startup Iconloop is working with the government to develop this voting platform.

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