Nov 8 – South Korea’s lawyers are stepping up and lobbying the country’s government to take the necessary steps for regulating crypto-currencies.
The Korean Bar Association has appealed to the government to take the necessary steps to put a legal framework in place for regulating crypto-currencies.
Bar Association President Kim Hyun:
“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 crypto-currencies.”
The South Korean crypto context has historically been one of the world’s most dynamic, although a more stringent regulatory stance from the government as of late 2017 has had a palpable impact. However, this fall, reports that the country’s so-called “Kimchi Premium” — when demand drives crypto prices in Korea well above the global average — is re-emerging suggests that the interest in the crypto sector remains unabated.
The country is finally taking the necessary steps required towards regulation and legality issues surrounding crypto-currencies.