South Korean President Urges Blockchain Regulation

Asia Blockchain Review
August 4, 2019

South Korean President Moon Jae-In recently issued a statement encouraging further regulation of distributed ledger technology (DLT) in the country, adding that he is looking forward to seeing DLT adopted nationwide in areas such as personal data security.

Regulating DLT to Drive South Korea’s Economy

According to a report by Coingeek, President Moon issued the statement on July 25th, 2019, in which he announced that regulation of DLT is essential to the success of the technology industry in South Korea.

According to the statement, the South Korean President believes that new regulations governing blockchain are the key to driving more adoption of the technology. The press release was issued shortly after Busan City was selected as a regulation-free zone.

President Moon urged relevant agencies to drive further regulation of blockchain, saying, “While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”

Blockchain Technology to Improve Citizens’ Lives

The South Korean President added that he is looking forward to the technology’s wider adoption, as it could improve the lives of Koreans, such as in terms of data gathering and personal data security, and DLT may revive the domestic economy. 

The press release also stated that regulations would provide South Korean companies with a foundation to operate blockchain-related businesses in the country.

On the other hand, South Korea has been more hostile towards cryptocurrencies. In September 2017, a government ban was announced on initial coin offerings (ICO). 

Still, the president’s remarks signal a positive direction for blockchain firms in South Korea going forward.


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