On November 8, 2018, Managing Partner Hoseok Jung participated in a press conference held by the Korea Bar Association (the “KBA”) at the National Assembly Building in Seoul to advocate for the implementation of blockchain legislation. Hoseok, as Co-Head of Seum’s Blockchain Team and Chairman of the KBA’s Blockchain Task Force, joined the President of the KBA and other attorneys to stress the importance and necessity of quickly establishing a legal framework that will foster growth of the developing blockchain industry.
Regarding the need for blockchain regulations in Korea, Hoseok remarked, “Because blockchain and cryptocurrency are new forms of technology that never existed before, creating appropriate legislation is not easy. However, as other countries are already regulating blockchain, if the Korean government continues to delay the creation of blockchain legislation, not only will the blockchain industry in Korea lag behind the rest of the world, but the lack of regulations will lead to harmful results in Korea such as fraud, money laundering, or market manipulation. Accordingly, the government should act quickly and create an appropriate regulatory regime.”
The KBA Blockchain Task Force researches laws and regulations related to the blockchain industry, cryptocurrency and similar matters such as initial coin offerings, as well as advocating for practical legislation related to blockchain matters. As Chairman, Hoseok currently leads the task force which is comprised of over 40 attorneys.
