Despite the South Korean government’s stated commitment to deregulation, a bipartisan group of lawmakers are calling for that deregulatory agenda to be expanded to the cryptocurrency and blockchain space as well, the Korea Herald reported on April 7.
National Policy Committee chair Representative Min Byung-doo, a member of the ruling Democratic Party, spoke at the 2019 Deconomy Conference at the National Assembly on Friday and said he will speak with President Moon Jae-in about deregulation for the industry. In his remarks to the conference, he suggested that the government had taken a contradictory stance on deregulation for crypto:
“It is true that the Korean government has enacted strong regulations over the cryptocurrency market
The government said it would lower regulation barriers, but cryptocurrency and blockchain are not subject (to such a move), which is a contradiction. It is now time to review previous regulations and ease them according to needs.”
Criticism of the government’s regulatory stance on crypto and blockchain has primarily come from the Liberal Korea Party, which claims that blockchain technology is a crucial component for growth in the so-called Fourth Industrial Revolution.
Song, a member of the Liberal Korea Party, questioned the government’s commitment to these digital innovations:
“Although many customers rely on blockchain for a technological breakthrough, they suffer from lack of systemic support. The government’s vision of promoting the blockchain industry is nothing but talk.”
Representative Song-Hee-gyoung recently introduced legislation that would offer more support for the industry, including tax breaks and protection for intellectual property rights.