South Korean Lawyers Seek Cryptocurrency Investor Protection Laws
The Korean Bar Association are asking the government to establish a legal framework for the cryptocurrency and blockchain sector. They seek a Cryptocurrency Investor Protection Laws.
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.
According to Reuters, Bar Association president Kim Hyun said :
“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.”
This comes at a time when the government pointedly excluded the domestic blockchain industry from the recognized list of certified venture firms in the country.
Domestic cryptocurrency trading in South Korea is among the most active markets in the world.
FSC commissioner Choi Jong-Ku has 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.
To me, this is one of the best moves to show you that just like the internet, the crypto industry and the blockchain sector has come to stay. Whether or not crypto will remain decentralized will be determined as events unfold.