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In South Korea, lawmakers, industrial experts and judges are teaming up to form a fresh working group which will endeavor to discuss and propose solutions for issues surrounding the blockchain technology.

Speed up legal studies

This working group is called the Blockchain Law Society and will hold its maiden conference on August 24 in the Seoul Central District Court. During the conference, participants from various walks of life are expected to discuss regulatory complications surrounding blockchain technology and will formulate strategies to utilize this ground-break technology in the legal sector.

Jung-yeop Lee, the Daejeon city’s honorable district court judge, came up with the basic idea of this assembly as an industry-led initiative. The assembly will be focused towards  discussions within the country’s legislative and judicial divisions along with several other sectors of public-service delivery.

“Blockchain Law Society was created not just to analyze the blockchain technology from a legal perspective but also to nurture multifaceted collusion across various fields, such as engineering, businesses and economics,”

Commencing topics to be discussed at the first conference include blockchain’s utilization in taxation and accounting, research on blockchain legislation, the regulatory framework for blockchain-related startups and legal issues emerging from the extensive usage of smart contracts.

Governmnet Commitment

The South Korean government appears to be fully committed in its efforts to streamline the regulatory environment surrounding blockchain and is pushing to support blockchain development for different applications with technological and financial resources.

The creation of this group comes at a crucial time when a series of legislative measures concerning cryptocurrency, initial coin offerings, token sales and blockchain are reportedly under consideration by different regulators and lawmakers in the country.

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