SK’s Blockchain Association Calls for More Favorable Regulation

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South Korea’s Blockchain Enterprise Promotion Association has urged the government to regulate the blockchain industry to help its development.

South Korea’s Blockchain Enterprise Promotion Association, which was established last month, urged on Tuesday local government to regulate blockchain in a way that will help the country to become a leader in the fourth industrial revolution, local media Korea JoongAng Daily reported. The association, which comprises of former politicians and professors, hopes that a legal framework for the technology would also generate new jobs.

 “Countries around the world are applying blockchain technology to all aspects of society including healthcare, retail and logistics,” Yoo Joon-sang, the association’s president, said at a press conference as quoted by Korea JoongAng Daily.

“But instead of welcoming the people’s fervor for the technology, the government is focused on controlling it to address negative short-term side effects. This is essentially kicking away the economic opportunities that lie in front of us,” he added.

The association now calls on the government to come up with a legal framework that would encourage the development of the blockchain industry. Yoo Joon-sang said that the association also required regulation of initial coin offerings (ICO) and cryptocurrency exchanges.

In the beginning of July, South Korea recognized the cryptocurrency industry for the first time, trying to get in line with international standards and ease blockchain regulation.

Now the association hopes to push the country further, providing its expertise to help the government to set up a crypto-friendly environment. It has even come up with the idea to make South Korea’s biggest island, the Jeju Island, a center of the country’s blockchain industry. Is representatives have already met the island’s governor to discuss such opportunity.

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