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BY CNA Team - November 8, 2018

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South Korean lawyers lobby Seoul for crypto guidelines

In a rare move, Korean Bar Association urges government to draft crypto bills
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The Korean Bar Association is urging Seoul to quickly establish legal guidelines to help develop the blockchain industry and protect investors in a rare move.

“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 association’s president Kim Hyun told reporters at a briefing in parliament.

Reuters reported on Nov 11 that the Korean Bar Association is not known to campaign or endorse specific groups or issues.

The government is expected to state its stance on initial coin offerings (ICOs), a crowdfunding platform often used by blockchain startups as soon as this month following a survey.

Lawyers are not the only ones who have been lobbying for more clarity on the blockchain space.

South Korean legislators on both sides of the political divide have been pushing for laws that give clarity on cryptos and ICOs in recent months.

The chairman of the government’s national policy committee, Min Byung-doo, recently called for ICOs to be regulated as a ban on them imposed in September 2017 is driving out promising blockchain startups from the country.

The governor of the semi-autonomous province of Jeju, Won Hee-ryong, also proposed in mid-August that the province, which is made up of the island of Jeju, be made into a blockchain hub allowing ICOs.

Image courtesy of Korean Bar Association website.

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