Basic Blockchain Regulatory Framework to Come in December

As reported in Sympathy Newspaper (Gongam Shinmoon) this afternoon in Seoul, Sangmin Lee from the Science, Technology Information and Broadcasting Committee in National Assembly announced that a basic framework for blockchain regulations will be submitted to and quickly initiated by the legislature this December.

The announcement comes after nearly an entire year of deliberation within the legislature about how to handle the blockchain industry in Korea. The regulatory framework will be centered around blockchain Unicorn voicing, blockchain sandbox utilization, expansion of government support, and negative regulation monitoring.

Lee stated, “In order to realize Korea’s potential in the global blockchain market, we have to support blockchain startups.”

His suggestions echoed those from several independent experts in blockchain technology and fintech who made their case for a reasonably regulated blockchain industry to the National Assembly about a month ago.

Lee’s statements were made at a government conference on infrastructural policy concerning investment in the domestic blockchain market. The conference included suggestions to introduce government-funded finance to focus on manpower development, industry development, and network infrastructure.

The stance of other Democratic Party members, such as President Jae-in Moon, is unclear. What is certain is that government officials of varying degrees of importance have made frequent appearances at domestic blockchain industry events in the past months.

Heeryong Won, the governor of Jeju Island, has been vocal and transparent about his support for the blockchain industry by cultivating a blockchain development hub. He has made multiple appearances at popular blockchain industry events in and around Seoul since he first announced the project.