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
Thailand Enlists Indian Tech Firm to Develop Interbank Crypto
The Bank of Thailand has enlisted leading Indian tech firm, Wipro, to develop blockchain solutions f...

May 19, 2019

Status of Blockchain Development and Cryptocurrency in India
After the Indian government strongly discouraged companies from dealing in cryptocurrencies, the cry...

May 19, 2019

Samsung SDS Unveils Upgrades to its Enterprise Blockchain Platform
Samsung SDS has released an upgraded version of its enterprise blockchain platform Nexledger Univers...

May 19, 2019

Cambodia’s Central Bank to Introduce Blockchain in Payment System
The National Bank of Cambodia will introduce blockchain in its payment systems by end-2019, making i...

May 18, 2019

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