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South Korean lawyers press govt for cryptocurrency laws, investor protection

Reuters  |  SEOUL 

(Reuters) - South Korea's lawyers lobbied the government on Thursday to quickly establish a legal framework to help develop the blockchain-based industry and protect investors.

It is rare for the Korean Bar Association, membership of which is mandatory for all local lawyers, to campaign publicly for specific technological or business interest groups.

The government of South Korea, one of the world's most and home to top cryptocurrency exchanges such as Bithumb and Coinbit, has been criticised at home for ignoring technology.

"We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the industry and prevent side effects involving cryptocurrencies," Bar Association said at a conference held at the parliament.

The government has said it would decide its position on regulation only after a thorough study, currently being done by both government and financial regulators, is complete.

features networked "distributed ledger" databases that record transactions in a way that is supposed to protect virtual deposits from tampering and fraud, although many incidents of hacking have been reported.

(Reporting by Hayoung Choi; Editing by and Eric Meijer)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 08 2018. 09:56 IST