New South Korean Study Group To Discuss Legality Of Blockchain Issues

BTC Wires: A South Korean group consisting of legislators, judges and industry insiders are forming a body for the purpose of discussing legal aspects of the blockchain industry, including regulations for cryptocurrencies, trading, exchanges etc. and how the various existing laws can be applied to the crypto and blockchain industry. This new group will be known as the Blockchain Law Society and will be having its first meeting or foundation conference in the Seoul Central District Court on 24th August, 2018. While the conference is ongoing, the members will be talking about regulatory aspects of the blockchain industry and how the legal framework can come handy in the blockchain space. They will also be deliberating on how the technology can be used in the legal sector as well.

As per the press release that was brought out on Monday, the presiding judge of Daejon city’s district court Jung-yeop Lee was the man behind founding the organization. It is a unique initiative originating from within the industry itself to create an ecosystem that facilitates dialogue and discussion between representatives of both judicial and legislative wings of the country’s administration. In addition, the group is also expected to promote more discussions about these topics in the larger society.

According to the announcement that was made, the Society was founded with a goal much broader than just exploring blockchain technology from a legal perspective. It also aims at encouraging interdisciplinary partnerships across areas like computer engineering, economics, field business and many more.

The key topics that are expected to be brought up at the founding conference include the use of blockchain in taxation and accounting, legal questions posed by using smart contracts, new avenues of researching on blockchain regulation and legislation, etc. This initiative comes against the backdrop of legislative authorities taking several initiatives to regulate cryptocurrencies, blockchain and token sales in the country. The Government of South Korea is also building upon its commitment towards promoting and supporting the development of the blockchain industry by contributing resources, both financial as well as technological. With government support being at a favourable level, the coming together of such a study group can play a very important role in providing the much-needed impetus to the blockchain ecosystem to flourish and prosper in South Korea.