South Korean Politicians Urge Govt to Ease Blockchain & Crypto Regulation

April 27, 2019

The Korea Herald, an English-language newspaper in South Korea, reported by Cointelegraph on April 7th that bipartisan South Korean lawmakers have been calling on the government to relax regulations on cryptocurrencies and blockchain technology.

Politicians have been voicing their concerns that the government under Moon Jae-in’s administration is slowing the growth of the emerging industry. The lawmakers also claimed that the nation’s financial regulator, the Financial Services Commission, had been demonstrating an unwillingness to relax regulations in the crypto and blockchain industry.

The Democratic Party’s Min Byung-doo recently said in a speech at the National Assembly,

The government said it would lower regulation barriers, but cryptocurrency and blockchain are not subject [to such a move], which is a contradiction. It is now time to review previous regulations and ease them according to needs.

Min, who also serves as chairperson of the National Policy Committee, revealed that he had been working with President Moon’s team to bring up the discussion regarding crypto deregulation.

In September 2018, the South Korean government announced a ban on initial coin offerings (ICOs), on the grounds that raising funds via the issuance of cryptocurrency tokens may constitute gambling, which is illegal for South Korean citizens.

Earlier in January 2019, the FSC declared that the ICO ban will remain in place, and in March, South Korea’s Supreme Prosecutors’ Office introduced a specialized team to tackle crimes relating to cryptocurrency.

Despite its anti-crypto stance, the government has been showing support for blockchain development, with an announcement to triple its blockchain development budget this year.

Source: cointelegraph.com

 

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
    Malaysia’s Economic Battle Is Just Getting Started
    ASIA BLOCKCHAIN REVIEW decided to catch up with George Koshy, for his perspective on Malaysia's Gove...

    June 5, 2020

    UnionBank’s i2i Platform Continues To Expand
    The i2i of Union Bank of the Philippines’ fintech arm UBX, posted more transactions in the first qua...

    June 3, 2020

    SAP Malaysia’s MD Lays Out His Vision
    It's always a great privilege to talk to C-level executives, Asia Blockchain Review recently caught ...

    June 3, 2020

    Oracle Malaysia’s MD On Blockchain’s Potential
    We sat down with Fitri Abdullah, Managing Director of Oracle Malaysia, for his thoughts on Blockchai...

    June 2, 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