SouthKorean lawyers lobby the law on protection of the rights of crypto-investor

[Paha87]

The Korean Association of lawyers urged the government to create a legal framework for the regulation of cryptocurrency and blockchain to protect the rights of participants in the sphere.

At a press conference in the Korean Parliament on Thursday, the Korean bar Association publicly called on the government to develop laws designed to protect investors and encourage the development of the blockchain industry in the country.

President of the bar Association Kim Hyun said today:

We urge the government to abandon negative perceptions and hesitations, as well as draft laws to help develop the blockchain industry and prevent cryptocurrency-related side effects.

A significant lobbying effort on the part of the bar Association, which is part of all South Korea's local bar associations, comes at a time when the government has explicitly excluded the domestic blockchain industry-including crypto - exchanges - from the country's recognized list of certified venture capital firms.

At a parliamentary meeting in October, the Chairman of the financial services Commission of South Korea (FSC) stressed that "the regulatory body adheres to its decision to ban initial coin offerings (ICO)" in the country. A continuing position despite the constant efforts of South Korean legislators who insist that the existing ban be lifted with clear guidelines for ICO as a regulated method of financing for companies and startups.

Domestic cryptocurrency trading in South Korea remains one of the most active markets in the world and is home to companies such as Bithumb and Upbit, the top 10 cryptocurrency exchange by trading volume.

Last week, FSC Commissioner Choi Chong-Ku confirmed that "crypto-exchanges that meet customer registration (KYC) and anti-money laundering (AML) standards will be able to seamlessly receive banking services" in the country.

Link to information resource - https://altstake.io/news/yughnokoreyskie-yuristy-lobbiruyut-zakono-zaschite-prav-kripto-investorov