South Korean Attorneys’ Association Lobbies Government to Establish Private Crypto Framework

South Korea’s attorneys are lobbying the nation ’s government to step up its action and expedite a legal framework for cryptocurrencies.
The Korean Bar Association, membership of which will be required of all the nation ’s attorneys, has appealed to the government to take more accelerated action in the world of cryptocurrencies, with Bar Association President Kim Hyun telling a press conference at the parliament that:“We urge the government to crack away from negative senses and hesitation, and draw up bills to help develop the blockchain business and prevent side effects between cryptocurrencies. ”The South Korean crypto circumstance has historically been one of the world’s most dynamic, though a more stringent regulatory stance in the government because of late 2017 has had a palpable effects. But this fall, reports that the nation ’so so-called “Kimchi Premium” — if demand pushes crypto prices in Korea well over the global average — is re-emerging implies that the interest in the crypto industry stays unabated.The Korean Bar Association’s intervention comes at time when local investors are keenly awaiting the possible announcement of a government decision at November over whether to repeal the nation ’s China-style ban Initial Coin Offerings (ICOs), which was in force since September 2017. The nation ’s government is carrying a winding path to cement its position supporting the crypto and blockchain industry; as Reuters now notes, the government has emphasized it plans to finalize blockchain regulation just after a rigorous study.There happen to be mixed signs throughout fall from national regulators, with Korea’s Financial Services Commission (FSC) recently issuing a warning that crypto capital might be in violation of the nation ’s Capital Markets Act, and the FSC seat, Choi Jong-Ku, reaffirming his negative position towards ICOs in particular.Nonetheless, Choi Jong-Ku has lately declared that crypto exchanges must face no issues with banking provisions, provided that they have sufficient anti-money-laundering (AML) safeguards in place and employ robust know-your-customer (KYC) tests. […]

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