Korean Presidential Committee push for Crypto Legal Status in Korea

Korea’s Presidential Committee is urging the Korean government to give crypto legal status, in order to stay at the forefront of innovation in the sector.

October 30, 2019, | AtoZ Markets – The Presidential Committee on the 4th Industrial Revolution is pushing the Korean government to recognize blockchain as an irresistible trend.

According to the reports, it is also advising it to systematize encrypted assets like cryptocurrency.

Crypto Legal Status in Korea recommended

The aforementioned committee has included its suggestions in a recommendation plan released at a conference in Seoul on Friday.

Furthermore, the committee said that technology, data and the startup ecosystem should synchronize to promote social and industrial innovation. On the technology side, it stressed that the government should pay attention to blockchain, artificial intelligence and cyber security.

In particular, the committee called for regulatory innovation and administrative improvements to activate startups, including giving legal status to encrypted assets.

It expressed concern that policies enacted to block excessive cryptocurrency speculation, perhaps necessary at the time, were now hurting the global competitiveness of Korea’s blockchain and cryptocurrency industries. It said the government should recognize blockchain as an irresistible trend and set its policy goals on taking early advantage of future opportunities.

Additionally, the committee advised that from the perspective of global competitiveness, the government should promote the activation of technology and the systematization of cryptocurrencies. It called for the government to quickly create a crypto legal status in Korea.

What is more, they should study taxation and accounting plans for them, as well as actively permit startups to participate in regulatory sandboxes.

Chinese president pushes for blockchain adoption in China

As AtoZMarkets reported last Thursday, the president of China is urging companies and government institutes to start embracing blockchain technology. President Xi Jinping sees blockchain technology as a core for innovation. He made these comments at a meeting of the Politburo Committee on Thursday.

According to Xi Jinping, the implementation and adoption of blockchain technology are key in the transformation of industries and innovation of technology. Also, he pointed to use-cases in the financial business, mass transit and combating poverty.

“We must take the blockchain as an important breakthrough for independent innovation of core technologies. We must clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

How quickly the government will move on this is anyone’s guess.

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