A Seoul lawyer proposed Monday that South Korea adopts a negative system in legislating bills on blockchain and cryptocurrency. Under the negative approach, all businesses are allowed unless specified in the law. He said the procedure would ensure that the law would not hinder the development of the fast-changing technology.
In a policy seminar at the National Assembly, lawyer Yoon Jong-soo said, “Once South Korea adopts a positive method in laws, blockchain and cryptocurrency would face difficulty in growing fast, and laws would not catch up with the fast-growing technology.”
Currently, South Korea does not have any law that governs blockchain and cryptocurrency business. Thus it is quite risky for investors to invest in digital currencies as financial regulators do not regulate or supervise the cryptocurrency exchanges. When frauds occur, it is the police and the prosecution, not the Financial Supervisory Service, that investigates the crime.
