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
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Future of Bitcoin in Korea according to FTC: Korean Cryptocurrency Updates
The head of the Korean Fair Trade Commission has noted to local vernaculars that he does not agree with Justice Minister Park Sang-ki’s comment that “cryptocurrency investment is gambling.” He further noted that: “cryptocurrency recently emerged as an issue in Korea and other laws do not have the exact legal clauses that relate to closing exchanges.” Thus, indicating, in part, that the Korean government doesn’t have the specific power to close the Korean cryptocurrency exchanges. Of course, the FTC Chairman’s
Continue readingKorean Cryptocurrency Case Filed to the Korean Constitutional Court: Korean Bitcoin Updates
The author of this blog, formerly worked for the Constitutional Court of Korea and he is excited to see this matter being litigated in Korean courts. The issue, as I have always noted, is simply if government are willing to protect the freedom of individuals to trade and speculate in asset classes of the choosing of the investor. While, I am far from sold on Bitcoin (and other Alt Currencies) as a long-term asset class plays – of course any
Continue readingWill the Korean Government Kill Bitcoin? The legality of Bitcoin in Korea
Local Korean vernaculars have reported that Bitcoin and other “Alt Coins” are to be investigated by the Bank of Korea, Korea’s Prosecutors Office and other government agencies. It is alleged by some in the Korean government that these crypto-currencies may be nothing more than Ponzi or Pump & Dumb Schemes. While, others, proclaim these currencies are at the foundation of freedom and they help to fight inflation imposed by central banking authorities, allows for anonymous transactions and low transaction fees.
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