Korean Crypto Regulators Urge Government to Adopt Cryptocurrency

Law and Regulation, News

Korean crypto regulators push government to move forwardThe ongoing saga of the relationship between Korean crypto regulators and the Korean government and crypto industry has been playing out like an Asian soap opera over the past few months. The recently formed Korea Blockchain Enterprise Promotion Association is now urging the Korean government to adopt a state-backed crypto.

The hardline stance from the government and Korean crypto regulators to monitor and control the nation’s crypto industry has been making news since the back-end of 2017 and is continuing through the first half of 2018.

Korean crypto regulators taking the lead

It was reported on Wednesday by the Korea Joongang Daily that the Korea Blockchain Enterprise Promotions Association, who are newly formed Korean crypto regulators, are now urging the Korean government to adopt blockchain and crypto technology and to look to its long-term gains as opposed to the negative short-term side effects.

The sentiment out of the Korean government since the end of 2017 has been to clamp down on the crypto industry, most specifically on initial coin offerings (ICOs). The new blockchain association is now telling the government it needs to reevaluate its stance and to adopt a state-run crypto.

The level-headed words from the association are showing that a new and maturer attitude towards crypto could be ushering in across Korea, which is great news for everything crypto-related. The Korean crypto regulators have suggested to the government that although it demands regulation on ICOs and blockchain technology, it is important to think about the potential employment opportunities that the crypto industry could provide and that the government should “pave the way for Korea to lead the world in the fourth industrial revolution.”

Positive news for the Korean crypto markets

The president of the Korean Blockchain Enterprise Promotion Association, Yoo Joon-sang, has mentioned that many other countries are now adopting crypto and blockchain technology and that it is imperative that Korea does the same so it can help to bolster “all aspects of society including health care, retail and logistics.”

“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,” said Joon-sang in pragmatic tones.

The words of wisdom from Joon-sang ring true for the hardline approach that many nations have taken to aggressively stump the growth of crypto instead of encouraging it to grow while protecting potential investors.

The Korean crypto regulators were only established less than a month ago on July 17, 2018, to respond to the increasing popularity of bitcoin and other cryptocurrencies. They seem to have their fingers on the pulse of the needs of modern crypto users and have some commonsensical points on the adoption of crypto in Korean.

As the ongoing battle between Korean crypto regulators, the government, and users on the frontline continues, the scene has changed from Greek tragedy to Asian soap opera, in a move that has a more positive outlook for the future. It seems that a semblance of common sense is now taking root in the Korean crypto industry.

I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.

Leave a Reply