Blockchain Law Society launches in Korea

On Friday Korea’s Blockchain Law Society (BLS) officially launched as a global think tank and educational group. According to Korea JoongAng Daily, the first meeting saw 210 members including judges, prosecutors, and local private practice lawyers. “Blockchain technology is a social technology, which means the width and depth of its development will be dependent on how we create the regulatory framework and system,” said Lee Jung-yeop, a presiding judge at the Daejeon District Court and a founder of BLS. “I believe it can fundamentally change the structure of our society and I suggest that we establish a legal think tank so that we can make a contribution.”

Issues to address

The meeting raised several legal issues that need attention. Koo Tae-eon, a managing partner at law firm Tek&Law, 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.

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