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After Ruling Party Members, South Korean Lawyers Join the Chant for Regulating Cryptocurrencies

November 08, 2018 13:27
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In a bid to regain momentum in the cryptocurrency market, various members of South Korea’s ruling party started initiatives in the past one month. After South Korea’s ruling party members Min Byung-doo, a lawmaker from the ruling Democratic Party who chairs the National Policy Committee of the National Assembly, and Roh Woong-rae, another DP lawmaker who leads the Science, ICT, Broadcasting, and Communications Committee, were known to lead a parliamentary move to legalize ICOs, now lawyers have joined the chant in regulating cryptocurrencies.

Along the sidelines of an event held last month, Min had said, “As blockchain and cryptocurrencies have merits and demerits, only confident governments can handle them properly. A case in point are Singapore, Switzerland and France. These countries have opened up the road to ICOs for companies.”

The duo recently, hosted a forum on blockchain at the National Assembly Library. The forum was supported by the Korea Blockchain Industry Association, Open Blockchain Industry Association, Yeosijae (Future Consensus Institute), which is a private think tank, and Korea Blockchain Industry Promotion Association.

According to a report by news portal by Coinnounce, it is not usual for the Korean Lawyers Bar Association to seek government intervention in creating specific laws for a particular technology or business interest groups. Therefore, their latest call is a rare phenomenon and a public campaign for cryptocurrency segment, which is gaining traction across the globe.

The call given by the lawyers was initiated by none other than the bar association president, Kim Hyun, who stated that the government should ideally do away with negative perceptions on cryptocurrencies. The portal also quoted him as urging the government to remove the hesitation and wanted the establishment to come out with bills that should support the creation of the blockchain industry.

It must be noted however, that South Korea has relaxed some of the restrictions it had imposed on, earlier this year. For instance, late last month, the banks were allowed to resume business relationships with cryptocurrency exchanges. In an announcement, the Commissioner of the  Financial Services Commission (FSC), Choi Jong-Ku, had said, “There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges.” He had added that cryptocurrency exchanges can now open accounts with banks.

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