The Korea Bar Association calls on the government to formulate laws governing the digital currency in order to improve investors’ protection in the country.
According to Reuters, the President of the Korean Bar association, Kim Hyun spoke about it at length at a news conference held at the South Korean parliament. He stated:
We urge the government to break away from negative perceptions and hesitation and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.
However, the South Korean government has announced that their stance on virtual currency regulation will only be clarified after the completion of its study. The financial regulators and the government of South Korea are jointly carrying out comprehensive research on cryptocurrency and blockchain technology.
Home to BitHumb, a popular digital currency exchange platform, the country keeps a slow pace in terms of cryptocurrency regulations. On the other hand, its Asian counterpart, Japan has sped through and opted to create a favorable ecosystem for the cryptocurrency industry. After the country’s exchanges experienced the two biggest hacks, the Japnese regulators have tightened the rules for the digital assets. So much so that Japan’s FSA gave itself a self-regulatory status to the country’s virtual currency industry.
Notably, the interest of a body for all local lawyers in South Korea, the Bar Association, towards cryptocurrency regulation is an indication that it is time South Korea speeds up and take some cues from Japan to enable better cryptocurrency relations in the country.
Uptill now South Korea has blown hot and cold towards cryptocurrencies and their subsequent regulations. At the moment they exercise a ban on initial coin offerings (ICO) and anonymous digital currency trading. Some members of the National Assembly didn’t show full support to the ban and amidst this tussle, the government is most likely to its official stance on virtual currency ICOs in November.