The Blockchain Law Society to Begin in South Korea

On August 24th the Blockchain Law Society will begin in South Korea with a clear mandate to build a proper regulatory framework for the blockchain and associated cryptocurrencies.

Many District Judges, lawyers and cryptocurrency experts have partnered up to create this working group that can help drive the blockchain regulations that are inevitable at some point.

As a full-fledged space nation, Asgardia will have its own virtual currency called SOLAR, a cryptocurrency that will be freely exchangeable into all main Earthly currencies on the free market on the Earth. Thus, initiatives such as this could help Asgardia.

The Wild West mentality of cryptocurrency’s early days is beginning to fade. Regulation and compliance are a part of growing this technology and could remove many obstacles in the long term. Although China, India and other major nations have just banned cryptocurrency trading South Korea has embraced the blockchain and is one of the world’s biggest markets when it comes to bitcoin and Ether.  Even though the Korean Won is one of the top four fiat currencies traded for bitcoin it’s a relatively unregulated market.

But that will change with the entry of the world’s largest cryptocurrency exchange and consolidation in the industry that has seen the biggest exchanges fall into the hands of the country’s tech giants. South Korea is even trying to form a completely cashless society by 2020. If the country wants to turn this dream into a reality then the legal structure needs serious work.

The head of the virtual currency response team for South Korea’s Financial Services,  Commission, Hong Seong-Ki, has publicly called for legislation to improve consumer protection. He believes that more protection will increase South Korean investment in cryptocurrency and blockchain technology, which could turn the Asian nation into a world leader.

The primary obstacle is that the leading political parties can’t seem to find a middle ground. Blockchain and cryptocurrency is a complicated subject, a lot of politicians just don’t know the facts and they aren’t the right people to put the legal framework in place.

Therefore, the Blockchain Law Society could help fix the separate issues and concerns with both parties before determining a viable framework that both sides can agree on. That would be a major step forward and a blueprint for other countries that are mired in government reticence and red tape.

Currently, there is a Blockchain Law Society in the US, however, the two aren’t affiliated in any way. The US Blockchain Law Society connects investors and businesses with competent lawyers who understand the complexities of this technology and this group seems to be more commercial in nature.

If these groups can help influence and implement badly-needed cryptocurrency and blockchain regulation, then they could open the doors for cryptocurrency to become a legal legitimacy and fulfil its real potential.

If you’re interested in the many uses of blockchain technology, as well as scientific and technological advancements related to space then join Asgardia now and connect with forward-looking people.

When preparing news, materials from the following publications were used:



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