South Korean Opposition Party to Support Cryptocurrency

Asia Blockchain Review
September 28, 2019

The Liberty Korea Party (LKP), the main opposition party in South Korea’s National Assembly, recently proposed its cryptocurrency-related measures during the “People’s Report Meeting” in Seoul on September 22, as reported by Cointelegraph Korea. 

The LKP’s stance seemed to be more aggressive and pro-innovation than that of the current South Korean government, particularly in terms of support for the legalization of tokenized securities in a bid to protect investors’ funds. 

The LKP Poised to Authorize the Crypto Industry

Kim Gwang-Lim, an LKP sitting member of the National Assembly’s Strategy and Finance Committee, revealed that the proposal was finalized following a three-month effort by senior LKP members, together with 90 party-affiliated civilian experts from various fields.

The project culminated in a policy that aims to promote South Korea’s cryptocurrency industry as part of a Fourth Industrial Revolution “Digital Finance Korea” initiative. 

According to Gwang-Lim, the policy specifically opposes the government’s pro-blockchain, anti-cryptocurrency stance intended to diminish the growth of the crypto industry. Instead, the LKP’s proposal brings forth the pro-innovation agenda of authorizing tokenized securities.

The LKP also advocated a policy for strengthening international cooperation to mitigate risks and curb the use of crypto for illicit activities.

Global Leaders Working on Crypto-Related Policies 

The LKP’s pro-innovation agenda aligns with positions currently under consideration in leading countries such as the United States and Japan, where lawmakers are working toward regulating crypto-related activities.

Last month, the South Korean Financial Intelligence Unit (FIU) was reported to be making plans to regulate crypto exchanges operating in the country, rather than applying conventional rules for financial institutions to crypto-related companies. 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us