A group of South Korean blockchain experts have set up a law-based agency to explore the technology and apply it in diverse areas of the economy and society.
The association has been dubbed the ‘Blockchain Law Society, and aims to develop a legal framework for applications of distributed ledger technology (DLT). A statement noted, ‘the Blockchain Law Society was founded not only to study blockchain technology from a legal aspect but to promote interdisciplinary collaborations between diverse areas, such as economics, computer engineering (and) field business.’ The Blockchain Law Society will draw on experts from different spheres, including legal bodies, universities and other industry specialists in order to study the legal aspects of the new technology and to develop legislation for regulating blockchain.
Earlier this year, the Korean Blockchain Association (KBA) announced an internal self-regulatory framework for its 14 member crypto exchanges, including such major requirements as operating clients’ holdings separately from their own and publishing regular finance reports. In July, three South Korean ministries comprising the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication revealed a collaborative initiative to set up new industry classifications for domestic blockchain industry standards. Recently, South Korea also announced plans to promote blockchain technology along with other seven fields of the domestic economy, planning to invest 5 million won or roughly $4.4 billion next year.