SEOUL, South Korea—The Blockchain Law Society has launched in South Korea with a clear mandate to create a proper regulatory framework for the blockchain and associated cryptocurrencies.
A number of district judges, lawyers and cryptocurrency experts have joined forces to form the working group that can help steer the blockchain regulations that are inevitable at some point, reported Crypto Briefing.
“The Wild West mentality of cryptocurrency’s early days is falling by the wayside. Regulation and compliance are a part of growing up and will lift a lot of barriers in the long run. China, India and other major nations have simply banned cryptocurrency trading. That’s not going to work, but we do need a set of rules that work before those countries will open the door to free trade,” Crypto Briefing said.
South Korea has embraced the blockchain and is one of the world’s biggest markets when it comes to Bitcoin and Ether.