South Korean Blockchain Developers Ask for Clear-Cut Regulations or Guidelines

Nov 29, 2018

“Although we are developing blockchain-based platforms, we are worried about lack of regulations and guidelines. We may have to develop our platforms back from scratch depending on circumstances or even give up our businesses. We absolutely need clear-cut regulations or guidelines.”
A meeting where blockchain developers can voice their opinions was prepared and it gathered voices from top developers that establish groundwork for blockchain industry.
Song Hee-kyung, who is a member of Liberty Korea Party, held ‘Block Chain Open Chain: Blockchain Technician Alliance Open Talk’ at The National Assembly Hall on the 27th with Korea Blockchain Developer Association (Chairman Jung Han-shin) and held a first meeting with blockchain engineers (developers) at the center. About 30 people such as blockchain developers from top blockchain businesses, CEOs of blockchain startups, lawyers, and financial investors were in attendance and they freely discussed about various topics.
“Although words such as blockchain, cryptocurrency, and ICO are added to the beginning of names of many events like adjectives, it is true that we do not even have minimal guidelines for such industries.” said Song Hee-kyung. “We prepared this meeting so that opinions from blockchain developers are not overlooked.”
Participants pointed out that investments and new businesses can be propelled once uncertainty is resolved.
“Although we are developing DICO automated platform that is technologically more complicated than Smart Contract, we are not sure if we will ever be able to commercialize it.” said CEO Kang Kyung-won of PRESTO. “We have given up on ICO and are focusing on development of DICO so that it can be approved by South Korean Government.”

Song Hee-kyung, who is a member of Liberty Korea Party, held ‘Block Chain Open Chain: Blockchain Technician Alliance Open Talk’ at The National Assembly Hall on the 27th with Korea Blockchain Developer Association (Chairman Jung Han-shin) and held a first meeting with blockchain engineers (developers) at the center.  <Song Hee-kyung, who is a member of Liberty Korea Party, held ‘Block Chain Open Chain: Blockchain Technician Alliance Open Talk’ at The National Assembly Hall on the 27th with Korea Blockchain Developer Association (Chairman Jung Han-shin) and held a first meeting with blockchain engineers (developers) at the center. >

“Biggest problem regarding blockchain is the confusion that is brought by uncertainty from relevant departments.” said Park Joo-hyun, who is an attorney for Gwanghwa Law Firm. “We need to clarify relevant departments through legislation and a joint task force from organizations related to virtual currency needs to actively have conversations with private sector.”
Participants also criticized South Korean Government for promoting blockchain while prohibiting cryptocurrency and ICO.
“If South Korea, which does not invest into areas that are not profitable, did not have an ICO industry, it would have been difficult for it to be where it is right now.” said Department Head Kim Bo-kyu of GLOSFER’s Headquarters. “It needs to not associate cryptocurrency only as people or groups that do illegal acts with cryptocurrency.”
Participants also shared doubts about South Korean Government’s blockchain projects. They are criticizing that there is not enough competitive edge with commercialization as its blockchain projects are inertially awarded as SI (System Integration) demonstration projects.
“Looking at South Korean Government’s promotion policies, only relevant organizations are left at the end.” said a researcher. “Even if blockchain budget is set at $443 million (500 billion KRW), companies inertially end up doing SI demonstration projects when this budget is used for development of fundamental technologies over a long period of time.”
Staff Reporter Park, Jungeun | jepark@etnews.com

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