Korea Blockchain Association Launches Cryptocurrency Industry Law Task Force (TF)

[Asia Economy Reporter Gong Byung-sun] A task force (TF) team for the industry law has been formed to ensure the stable development of the cryptocurrency market.

On the 26th, the Korea Blockchain Association announced that it had launched the TF team to efficiently gather opinions during the enactment process of the 'Virtual Asset Industry Act.' The TF team is expected to include experts from various fields such as technology, finance, and law.

The association plans for the newly formed industry law TF team to contribute to sufficiently reflecting industry opinions in the legislative process. The team's goal is to find ways to create synergy effects for the nation and society in the long term through the development and promotion of the cryptocurrency industry and technology, consumer protection, enhancement of legal stability, and stable market development.

The association also operated a TF team during the review process of the amended Act on Reporting and Use of Certain Financial Transaction Information and its enforcement decree, which took effect on March 25, and provided opinions on the legislative amendments.

Oh Gap-su, chairman of the Korea Blockchain Association, stated, “The advancement of blockchain technology and the institutionalization of the cryptocurrency industry are a massive trend of the era,” adding, “We will do our best to prepare sound development and user protection measures for the related industry through diverse discussions.”

This content was produced with the assistance of AI translation services.