South Korean Government to Run Second Study Group on Blockchain Regulation

The South Korean Ministry of Science and ICT has announced plans to run a follow-up study on blockchain regulations.

The study is a part of the South Korean government’s science and tech initiative aimed at figuring out how to improve blockchain regulation. This is part of the government’s plan to increase crypto adoption within its border.

First Study Group Was in June 2018

South Korean Ministry of Science and ICT
South Korean Ministry of Science and ICT

Reportedly, the South Korean Blockchain Regulation Improvement Study Group was launched in June 2018. Initially, the main focus of the study group is to help improve legal regulations pertaining to blockchain technology.

The areas of focus listed for the study group then were: the application of distributed computing systems, smart contracts, personal privacy, digital signatures, and electronic documents.

This year’s research group will focus on five institutional areas where blockchain tech can achieve widespread adoption: logistics and distribution, public services, healthcare, finance, and energy.

Five Strategic Industries Only

Reportedly, the second study group program will focus on five strategic industries only. The industries listed as part of the second study group are logistics and distribution, public service, healthcare, finance, and energy sector.

The South Korean Ministry of Science and ICT has confirmed the reason why it is so invested in improving crypto regulation in the country. The ministry explained that:

“We plan to study ways to improve regulations in preparation for full-fledged pilot projects,”

It continued that:

“We plan to utilize research results derived from future study groups through industry hearings through public hearings, and through consultation with related departments, to lead to improvement of actual regulation.”

South Korean Crypto Investors Increase Holdings

Reportedly, South Koreans are increasing their crypto holdings. This was made known via the result of a survey conducted by the Korea Financial Investment Association (KOFIA).

A total of 2,500 South Korean residents who invested in cryptocurrencies like BCH, ETH, and BTC took part in the survey. Importantly, the result of the survey was from a poll conducted in December 2018. The poll revealed that 7.4% of the 2,500 individuals surveyed said they currently own digital currencies.

Moreover, residents of the country between the age of 25-64 years old who have at one point in time purchased cryptocurrencies over the last year have invested more than $6,000 on average.

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