Korea’s 4th Industrial Revolution Committee Advocates for the Recognition of Blockchain and Cryptocurrencies

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Seoul, Korea, photo by Ciaran O'Brien

On a conference held in Seoul last Friday, the 4th Industrial Revolution’s Presidential Committee had addressed the Korean government about Blockchain. During the presentation, the committee emphasized that Blockchain is such an irresistible trend that could benefit the country to a great extent, but only if the government would recognize it.  

 

As reported by the BChain, a Blockchain news outlet, the Presidential Committee presented an outline of its recommendations and suggestions to Korean officials, such as systematizing cryptocurrencies and other assets. 

 

As heavily emphasized in the presentation, data, technology, and the startup industry should work and innovate alongside each other to achieve industrial and social expansion. In the tech industry, the committee noted that the government should do its part in exploring and promoting Blockchain, AI, and other emerging technologies. 

 

In particular, the committee suggested the establishment of regulations that would govern administrative developments and innovations, such as creating a legal status digital assets, studying taxation and drafting accounting plans, and allowing startups to partake in regulatory sandboxes. 

 

During the presentation, the committee also voiced out that the government’s excessive speculations towards cryptocurrencies are hindering the country’s ability to compete in the global Blockchain ecosystem and associated industries. Notably, the recognition of such technologies would play a pivotal role in taking advantage of the opportunities and benefits brought by Blockchain. 

 

However, it’s not clear whether the government would heed the committee’s advice. Last week, the proposed changes of the National Assembly’s Finance Committee to the regulation that governs money-laundering had been rejected by lawmakers once again. Among the targeted revisions is the incorporation of cryptocurrencies into the “Act on Reporting and Using Specified Financial Transaction Information,” as well as the establishment of a registration system for crypto exchanges. 

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