The bar association of South Korea is lobbying the government to establish a legal framework for crypto
South Korea’s many lawyers are coming together in lobbying the government to catalyze its action in establishing a legal framework for cryptocurrencies, reports Reuters UK on November 8.
Union of Sout Korea’s lawyers, The Korean Bar Association, has appealed to the government to take more swift steps regarding the digital currencies. Speaking to the press, the president of the association, 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.”
The country remains one of the dynamic markets for cryptocurrencies, albeit the government’s more stringent regulatory stand from last year had a significant impact. Moreover, last fall South Korea’s so-called “Kimchi Premium” when demand for cryptocurrencies soars in the country well above the average global demand, is a suggestive indication that interest in cryptocurrencies throughout remains unaffected.
The remarks of bar association come amidst the time when the local businesses are keenly awaiting for governments stand in November over what’s going to be the future of Initial Coin Offerings (ICO)? Which are illegal since September 2017 in the country.
The government of South Korea is rigorously studying the sector before taking any stance on the cryptocurrency and blockchain industry, Reuter noted further.
Through the period of the ban, various stand from domestic regulators was noted, with the Financial Services Commission (FSC) of South Korea issuing a warning against crypto funds highlighting their efforts as the violation of the country’s Capital Market Act along with Choi Jong-Ku, FSC chair reaffirming his negative stand regarding the industry and ICOs in particular.
Nevertheless, Choi Jong-Ku declared recently that cryptocurrency exca=hanges shouldn’t face any issue with provisions of banks, as far as they adhere to anti-money laundering (AML) safeguards and carries out Know Your Customer (KYC) policies.