Korean Blockchain Association Asks State for Crypto and Blockchain Adoption

Korean blockchain regulation

Last month, the Korea Blockchain Enterprise Promotion Association was established. While the association is still relatively new, it’s already making major moves. This week, the association called for not only Korean crypto regulation but Korean blockchain regulation as well.

Here’s what we know.

Korean Crypto Regulation and Korean Blockchain Regulation

On August 8th, the Korea Joongang Daily reported that the Korea Blockchain Enterprise Promotion Association called on the government on Tuesday, asking it to adopt crypto and blockchain.

Why? According to the report, the blockchain-based association has asked the government to regulate the technology so that it can benefit from its opportunities.

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The Korean blockchain association believes this is far more important than the state focusing all of its energy on the new technology’s negative “short-term side effects.”

At Tuesday’s press briefing, the report details the words spoken by the President of the blockchain association, Yoo Joon-sang. He said that the world is starting to work with blockchain technology, but instead of welcoming the people’s interest in blockchain, “the government is focused on controlling it.”

What Does the Association Want?

The association wants crypto and blockchain adoption, but what does that mean, really? Well, according to President Yoo Joon-sang, the blockchain group “demands that the government hurry to regulate” basic blockchain laws. These laws, if regulated, “will guide the blockchain industry.”

Some of these basic laws include policies for initial coin offerings and virtual currency exchanges.

What is the Korea Blockchain Enterprise Promotion Association?

Made up of former politicians and academics, the KBEPA was launched on July 17th of this year. It was established as a direct response to the increasing popularity of crypto, blockchain, and distributed ledger technology.

The Takeaway

It will be interesting to see if the Korean blockchain association has its demands met by the government. Though it’s hard to say if that will happen, considering South Korea seems to have mixed views on cryptocurrency.

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