The Korean Bar Association has called on the government to establish a legal framework for the cryptocurrency and blockchain sector.
In a news conference at the Korean parliament on Thursday, the Korean Bar Association publicly urged the government to develop laws designed to protect investors whilst encouraging the domestic blockchain industry.
In quotes reported by Reuters, Bar Association president Kim Hyun said today:
“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 notable lobbying effort by the Bar Association, a member body of all local lawyers in South Korea, comes at a time when the government pointedly excluded the domestic blockchain industry – crypto exchanges included – from the recognized list of certified venture firms in the country.