Korea can soften the rules for cryptocurrency. Good news for the industry.

[KYCbench]

Korea’s Bar Association publicly appealed to the government to create laws that would protect investors in cryptocurrency and encourage the development of blockchain technology within the state, Reuters reports.

"We urge the government to abandon the negative attitude and develop bills to help develop the blockchain industry and prevent the side effects associated with cryptocurrency," said the President of the Bar Association Kim Hyun.

Such large-scale lobbying for cryptocurrency occurs exactly at a time when the South Korean government actively prohibits the development of cryptocurrency in the country, which adversely affects the entire market.

Recall that at the end of October there was information that in Korea they could again allow ICO, which were banned in the country in September 2017. This move has caused a huge wave of discontent among representatives of numerous blockchain startups in the country. Today, many Korean lawmakers have come to the conclusion that the ICO should be legalized, said Min Bjung-Do, a member of the ruling party of Korea.

The official stressed that, by now, people should have developed an understanding that the cryptocurrency market is not an area where it is worthwhile to rush recklessly from side to side. With the help of an ICO ban, proper actions has already been carried out, and now it can be cancelled. This will have an overall positive impact for the country's economy also.


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