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New ‘Blockchain Law Society’ Will Examine Legal Frameworks in South Korea

Last Updated March 4, 2021 3:57 PM
Samburaj Das
Last Updated March 4, 2021 3:57 PM

As South Korean lawmakers discuss regulations and guidelines for the cryptocurrency sector, a group of domestic blockchain experts will establish a new society to study the legal aspects concerning the decentralized technology.

Dubbed the ‘Blockchain Law Society’, the new organization will officially launch this Friday, August 24, according to a report from local publication Yonhap . The collective will see a group of blockchain experts vying to propel studies on the legal aspects surrounding blockchain technology and promote it for various applications in a number of sectors.

“Blockchain Law Society was founded not only to study blockchain technology from a legal aspect but to promote interdisciplinary collaborations between diverse areas, such as economics, computer engineering (and) field business,” the working group said in an announcement this week.

The organization added it would invite experts from numerous areas beyond the technology sector including prosecutors, judges, professors and other industry experts to carry out academic and legal studies of the technology as well as proposing legislation for regulating the crypto and blockchain sector domestically.

The new collaborative society comes to the fore at a time when South Korea’s government announced a 1 trillion won budget ($918 million) for a big push in developing big data, AI and blockchain technology in 2019.

South Korea’s Ministry of Science and ICT is also promoting blockchain education within Korea’s youth, proactively encouraging and training young graduates and students to understand the decentralized technology.

Earlier this month, the Financial Supervisory Service (FSS) – the country’s financial watchdog – threw its support in backing blockchain technology to fundamentally power stock trading without a centralized ledger. Korea’s shipping industry has also held a successful 7-month pilot of imports and exports from Korean shipping ports on a blockchain developed by Samsung SDS, the IT subsidiary of electronics giant Samsung.

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