Blockchain Law Society to develop Blockchain regulations in South Korea and it will also set up collaboration between various fields: “economics, computer engineering,” and business.
21 August, AtoZ Markets – A group of South Korean Blockchain experts is reportedly planning to launch a law-based agency that will focus on exploring the technology. The agency will also be looking into the case of Blockchain applications in various areas of society.
Law Society to Develop Blockchain Regulations in South Korea
According to online reports, the association is called the “Blockchain Law Society.” It is about to be established officially in South Korea this Friday. In addition, the Blockchain-focused agency will work on the development of the legal framework for applications of distributed ledger technology (DLT). It will also set up collaboration between various fields: “economics, computer engineering,” and business.
The Blockchain Law Society will also deploy the efforts of experts from different spheres. These include various legal bodies, universities, and other industry specialists. This initiative looks into studying the legal aspects of Blockchain and plans to develop legislation for technology regulation.
KBA Regulatory Framework
Earlier this year, the Korean Blockchain Association (KBA) has issued an internal self-regulatory framework for its 14 member cryptocurrency exchanges. Some major developments in regards to client operations and publishing regular reports have been made.
According to the local media reports, the KBA cryptocurrency framework has been announced by the executive of the organization, Jeon Ha-jin during a press conference at the Korea Federation of Small and Medium Business (SME) in Seoul.
The new KBA self-regulatory framework consists of the measures that are focusing on the protection of customers. The rules strive to optimize the transparency of operations at cryptocurrency exchanges. Moreover, they aim to prevent money laundering, terrorism financing, insider trading, and other illegal activities.
As per the local media reports, the framework constitutes five general requirements. These include the management of clients’ coins and holding a minimum equity of 2 billion won. Moreover, crypto exchanges will need to publish consistent audit and finance reports.
Think we missed something? Let us know in the comments section below.