South Korean lawyers are pushing for the government to develop laws regarding cryptocurrencies and investor protection.
As a rule, the Korean Bar Association, whose membership is mandatory for all local lawyers, does not publicly campaign for specific technological or business interests. However, developing the opportunities offered by blockchain technology requires regulatory clarity.
The government of South Korea, one of the most high-tech countries in the world and home to leading crypto exchanges Bithumb and Coinbit, has been criticized by its own citizens for ignoring blockchain technology.
“We urge the government to reject negative perceptions and develop laws that will help develop the blockchain industry and prevent problems arising with cryptocurrencies,” - said Bar Association President Kim Hyun at a press conference in Parliament.
The government has stated that it will announce its position on regulating blockchain technology only after a thorough study of the issue, which is currently being carried out by both government and financial regulators.
Blockchain technology allows transactions to be recorded in a way that protects assets from counterfeiting and fraud. However, since there are many cases of hacking of Bitcoin addresses, lawyers are calling on the government to strengthen the technology's capabilities with proper regulation and protect users' assets.
According to in.reuters.com
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