Regulation

Blockchain Promotion Act proposed by South Korean Legislator

Democratic Party National Assembly representative Sangmin Lee today proposed the Blockchain Promotion and Fostering Act to support the growth of the domestic blockchain industry. The announcement came at the legislature’s policy seminar today in Seoul.

Representative Sangmin Lee courtesy

The goal of the proposed Act is to stimulate growth and maturity in the industry by creating a research base and training standards. To that end, the proposal underlies the ongoing responsibility of top industry actors to revitalize existing services and to improve the safety and reliability of all related markets. Lawmakers argued that programs launched under the Act’s provisions would boost South Korea’s competitiveness in a world that is becoming increasingly active in technological development related to the 4th industrial revolution.

Proposal Provisions

The proposal provides support for businesses which would mostly include startups, infrastructural improvements, and the proliferation of infrastructural improvements. Additionally, the bill has marked extra support for R&D regulatory zones.

The Ministry of Science and ICT would take charge of implementing the orders of the Act were it to be passed. This Ministry has already been involved in numerous blockchain development projects across the country. The basic plan for implementation includes surveys to identify industrial trends, evaluations of R&D capabilities and utilization rates, policy adjustments, and legal system improvements to accommodate the resulting technologies.

In addition to the charge set upon the Ministry in the case that the Act comes into effect, research institutes and universities that meet particular requirements will also be designated to provide support.

Lee said, “As the untact era from COVID-19 arrives, the importance of blockchain technology increases.”

Common thoughts about the untact era

Across the city while National Assembly deliberated on technology policy, another blockchain business seminar took place in east-central Seoul. Several academics and business insiders with a stake in the blockchain industry shared their ideas about the near future of blockchain technology across the globe and within South Korea.

Professor Sukbin Yoon spoke at length about the tremendous effect that COVID-19 has had and will have for the foreseeable future on technological needs of global audiences. Among many of the points he made, he highlighted the use of cryptocurrency and smart contracts as essential for the financial and business sectors to fully embrace the untact era.

Already South Korea has been at the forefront of DID applications nationally and in local settings. Several digital drivers license solutions are near launch while payments options abound across various platforms.

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