South Korea Forms Blockchain Law Society

South Korea is gearing up to form a legal team on blockchain technology, Yonhap News Agency reported on Monday (August 20).

According to the local publication, the organization, called Blockchain Law Society, will launch in the country on Friday (August 24) and will aim to “speed up” legalities related to the technology.

The entity will include legal experts such as judges, prosecutors, lawyers, professors and other industry experts, Yonhap News reported.

“Blockchain Law Society was founded not only to study blockchain technology from a legal aspect but to promote interdisciplinary collaborations between diverse areas, such as economics, computer engineering (and) field business,” the organization said.

Korea IT Times revealed further details about the organization’s launch event on Friday, which will be done in two parts.

According to the outlet, the launch will focus around a number of topics, including:

• designing cryptocurrencies and cryptocurrency exchanges;
• research on a reward system for Blockchain Law Society;
• blockchain and the civil society;
• accounting and taxing methods related to blockchain;
• blockchain as a tool for a programmable economy, civil law issues regarding smart contracts and research on legislating fundamental law on blockchain;
• blockchain innovation, a tool for internalizing externally;
• blockchain and the criminal law;
• research on revitalizing the blockchain industry by regulatory sandbox; and
• the present and the future of the online platform of Blockchain Law Society.

“Blockchain Law Society will reflect the spirit of the blockchain in operating the society by implementing new measurement and evaluation system; the society will be connected to the members online 24 hours a day, and processes and results of the projects will be opened to the members in real time to be evaluated and rewarded fairly,” Korea IT Times states.

The outlet says that Blockchain Law Society will also focus on promoting collaborations in areas like economics, computer engineering and field business.

South Korea has been active in the cryptocurrency and blockchain space. Case in point — the launch of Blockchain Law Society comes on the heels of a National Assembly extraordinary session to discuss how blockchain and cryptocurrencies will be promoted in the country in addition to forming guidelines on initial coin offerings.

Don’t forget to follow us @INN_Technology for real-time news updates! 

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.