South Korean Lawmakers Ask the Government to Go Easy on Blockchain-Based Firms

When it comes to regulation of blockchain and crypto-related ventures, governments tend to be bearish due to the heavy-weight duty of protecting investors and maintaining a crime-free environment in which they could conduct business safely. However, every country or state wants to grow and secure a seat in the table of the world-leading countries; in this age and time, technology is part of the secret recipe in achieving this goal.

Therefore, more and more countries are embracing new and emerging technologies as well as innovative ideas. As a matter of fact, most political aspirants include innovation as part of their manifestos. I guess the same theme played out in South Korea as a group of lawmakers are calling out the president to live up to his promise of innovative growth by going easy on blockchain and crypto-related firms.

It will be recalled that the government of Korea abruptly banned crypto ventures from initiating initial coin offerings (ICOs) in 2017. This was followed by rules which the lawmakers see as rather too harsh and discouraging for the growth of the blockchain market in the country.

Being the current wave today, the lawmakers are of the belief that accepting blockchain will help foster rapid growth of the economy. Therefore, they collectively moved a motion for the deregulation of the Korean blockchain industry.

During the 2019 Deconomy Conference at the National Assembly, Rep. Min Byung-doo stated that the government has enacted stringent rules on the crypto market. Although the government has agreed to lower the barriers a little, the Rep. said it still insist on the exemption of blockchain and crypto related firms from the ‘move.’ He added that he has been consulting senior presidential aides over time and would advise the President to reconsider his stance on the crypto market.

In fact, Rep. Song Hee-gyoung from the opposition party Liberty Korea Party has reportedly introduced a bill proposing to provide all the support that the Korean blockchain industry needs to thrive. The bill is proposed to protect the intellectual rights of members of the crypto verse as well as offer blockchain and crypto-related firms some tax benefits.

Rep. Song commented on the introduction of the bill claiming that although a good number of citizens rely on blockchain technology for a technological breakthrough, they lack the necessary support required from the government. He stressed further that the only vision the government has about promoting the Korean Blockchain industry is ‘talk.’

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