The inaugural meeting of the Blockchain Law Society of Korea was held last week. We wrote on the Korean Law Blog articles on Korean Blockchain/Alt Currency Law and shall be participating in the Blockchain Law Society and updating the reader on issues addressed by the Blockchain Law Society. You shall find more articles on Blockchain, Alt currenices, Korean Crypto-currency Law and like topics on this blog over the next couple of months.
We are looking forward to more lively discussions and hope that the Korean Blockchain Law society shall lead to a comprehensive Korean CryptoCurrency -Blockchain Law that does not lead to destruction of a unique and potentially profitable business opportunity for entrepreneurs in Korea and entrepreneurs that wish to invest in Korea. We hope that foreign investors are, also, considered in these meetings and in the drafting of these laws. Foreign investors play a key part in Korean business and locking foreigners and foreign capitalized-invested companies out of this opportunity shall lead to, only, more bad press and less liquidity for the Korean exchanges. Korea needs the world and Korea needs foreign capital and technology in order to succeed in this opportunity.
An article on Ledger Insights notes a very pertinent argument that was addressed by the very astute Attorney Koo Dae-eon. The article notes that Attorney Koo:
“. . .expressed concern about Korea’s inclination to over-regulate which could stifle entrepreneurs. He outlined areas that require clarification. For example, the Capital Markets Act regulates financial investment but could be applied to cryptocurrency trading. Koo proposed a “Blockchain Act” which would apply a special tax on blockchain companies or cryptocurrency trading. The lawyer also expressed concerns over Korea’s privacy laws which are applied regardless of the sensitivity of the information. He was particularly worried about how this compares to other major economies such as Japan.”
Attorney Koo is right on the point. All too often, the Korean government overreacts and the overreaction leads to, only, harm to Korean society.
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- Amendment to the Korean Foreign Investment Promotion Act 2019 – Investment Incentives in Korea
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