The South Korean Blockchain Enterprise Promotion Association filed a demand to the government to regulate further blockchain technology for the country to “lead the world in the fourth industrial revolution,” local news outlet Korea JoongAng Daily reported yesterday, August 8.
Kicking Away The Opportunities
The said demand was filed Tuesday, and which is the organization’s way to prod the government to “hurry to regulate the basic laws that will guide the blockchain industry,” like initial coin offering (ICO) policies and crypto exchanges, said Yoo Joon-sang, President of the said association in a press conference on the same day.
“Countries around the world are applying blockchain technology to all aspects of society including healthcare, retail, and logistics, 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.”
The association, despite being established only last month, is composed of notable industry experts: Yoo himself was a former National Assembly member, along with Ryu Keun-chan; former South Korean Prime Minister Lee Soo-sung and Prof. Kim Hyoung-joong of Korea University’s Cryptocurrency Center at the Graduate School of Information Security are also members.
With the synergy of their insights and professional experiences, the association aims to urge the government to regulate the integration of blockchain wherever possible, which would lead to the creation of more jobs and relieve the financial hurdles of budding entrepreneurs.
The Jeju Affair
Last month, the country’s National Assembly allocated a couple of sessions to craft regulations about cryptocurrencies and blockchain technology. This is in response to an outcry by its citizens to overturn its trading regulations, saying that by having them, the government will be ruining a “happy dream” brought about by cryptocurrencies.
The communion was fruitful, as the legislative body said to cut taxes on blockchain companies and other emerging technologies.
It seems however that the citizens are not satisfied with the move, saying that the government is “kicking away the economic opportunities” brought forth by blockchain technology, to echo Yoo’s sentiments.
For that, the association visited Jeju Island, one of the country’s most popular tourist destinations in the country, to discuss ICOs and crypto accounts on the island with Governor Won Hee-ryong, who in turn promised to launch an ICO token called Jeju Coin as part of its transformation into a “Crypto Valley.”
Governor Won promised to do everything in his power to prepare ICO regulations before this year ends and has set aside $180 million to be used for the development of crypto and blockchain-related affairs.