In a recent event, the Korean Bar Association (KBA) have shown great support for cryptocurrencies by asking the government to create standards for the crypto industry in the country.
According to a news report on Reuters, the KBA has requested the government to set up a legal framework that would protect crypto investors, and also promote the blockchain and the cryptocurrency industry.
“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,” Kim Hyun, KBA President, said at a news conference held at the parliament in Seoul.
Is the government against crypto growth in South Korea?
Lots of critics have spoken against the Korean government’s actions concerning its negligence of the crypto space.
Even though South Korea is home to major crypto exchanges like Bithumb and Coinbit, the government of the country does not seem to be a fan of cryptocurrency.
This is coming at a time when the government of South Korean excluded the cryptocurrency and blockchain industry from being listed as certified venture firms after the Ministry for Small and Medium Enterprises (SMEs) and Startups made an initial proposal in August.
Also, in a parliamentary meeting in October, the chairman of South Korea’s Financial Services Commission (FSC,) had said that regulators are still in support of their earlier decision to ban Initial Coin Offerings (ICOs) in the country.
However, the government has assured the public that it is yet to take a final decision about the future of the blockchain and crypto industry.
The South Korean government said it is still awaiting a report from the team set up, comprising of members of government and financial institution, to carry out a thorough study on the pros and cons of the cryptocurrency industry.