The Korean Bar Association has called on the government to establish a legal framework for the cryptocurrency and blockchain sector.
In a news conference at the Korean parliament on Thursday, the Korean Bar Association publicly urged the government to develop laws designed to protect investors whilst encouraging the domestic blockchain industry.
The notable lobbying effort by the Bar Association, a member body of all local lawyers in South Korea, comes at a time when the government pointedly excluded the domestic blockchain industry – crypto exchanges included – from the recognized list of certified venture firms in the country.
In quotes reported by Reuters, Bar Association president Kim Hyun said today:
“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.”
In a parliamentary meeting in October, the chairman of South Korea’s Financial Services Commission (FSC) stressed the regulator is sticking to its decision of outlawing initial coin offerings (ICOs) in the country. The continued stance is despite an ongoing legislative effort by South Korean lawmakers pushing for the ban to be overturned with clear guidelines for ICOs as a regulated financing method for companies and startups.
Domestic cryptocurrency trading in South Korea remains among the most active markets in the worldand is home the likes of Bithumb of Upbit – both top 10 exchanges by trading volume.
Last week, FSC commissioner Choi Jong-Ku reaffirmed that cryptocurrency exchanges complying with know your customer (KYC) and anti-money laundering (AML) norms will face no hurdles in gaining banking services in the country.