Bipartisan South Korean lawmakers call on Gov & # 39; t to relax Crypto, Blockchain regulation

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A cross-party group of South Korean lawmakers have reportedly called on the government to relax the regulation of cryptocurrencies and blockchain technology. The news was reported by the local English-language newspaper the Korea Herald on April 7.

Notwithstanding the broad agenda of deregulation of the Democratic Party, the legislators claim that the government of Moon Jae-in is pursuing measures that stifle and hinder the growth of the emerging industry. Reportedly, the financial regulator of the country, the Financial Services Commission, claim a too conservative attitude towards easing the regulation of the sector.

In a speech on Friday during the Deconomy conference of 2019 in the National Assembly, Rep. Min Byung-doo of the Democratic Party that:

"The government said it would lower regulatory barriers, but cryptocurrency and blockchain are not secondary (to such a move), which is a contradiction. It is now time to review previous regulations and simplify them as needed."

Min, who is chairman of the parliamentary National Policy Committee, is said to have promised to raise the issue of crypto-deregulation with President Moon, noting that he had consulted high-level presidential assistants for this purpose.

Eenthum (ETH), co-founder Vitalik Buterin, who also appears before the National Assembly, is said to have repeated this dual call to the government to abandon its counterproductive approach to industry. Financial news company Fxstreet reports that it claimed that the Korean government cannot promote blockchain technology and still ban crypto assets because both are inseparable.

As previously reported, Song Hee-Kyong – a representative of the opposition party Liberty Korea and co-president of the 4th Industry Forum of the National Assembly – has proposed a revision of existing frameworks to provide robust support for the blockchain industry .

The Korea Herald cites further details of Song's comments to the National Assembly, where he reportedly stated:

"Although many customers rely on blockchain for a technological breakthrough, they suffer from a lack of systemic support. The government's vision to promote the blockchain industry is nothing but talking. & # 39;

South Korea banned the supply of first coins (ICO & # 39; s) in September 2018 and claimed that the practice of raising funds through the issuance of cryptocurrency tokens was almost a gamble.

In January, the FSC decided to enforce the ICO ban, and in early March, the country's highest public prosecutor set up a special task force to combat criminal crime.

However, the government has said it will triple its Blockchain budget for 2019 compared to the previous year and has so far pursued many blockchain initiatives at local and national level. This February, the Liberty Korea Party promised to promote blockchain in multiple fields and to isolate it as one of the key technologies of the fourth industrial revolution.

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Don Bradman

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