Korea’s Presidential committee making efforts to legalize cryptocurrency

  • The Korean Presidential Committee wants to keep Korea at the forefront of blockchain technology. 
  • The committee urges the government to improve regulatory procedures.

On the fourth Industrial Revolution, Korea’s Presidential Committee suggested that the Korean government should make cryptocurrencies legal. According to the committee, this will help the country in remaining at the forefront of innovation in the sector. 

As per local reports, the committee stressed on the significance of blockchain technology in the upcoming fourth industrial revolution. The committee remarked that the regulatory procedures in the country should be improved to boost innovation, including those that develop cryptocurrencies. The committee said: 

The government should secure legal status for crypto assets as soon as possible, and seek tax and accounting measures for them.

The committee made the declaration at the fourth Industrial Revolution Global Policy Conference. It was held in the Korean capital of Seoul last Friday. During the conference, the committee stated that it is crucial to maintain harmony between social and industrial innovation as it is essential for growth. The committee was also concerned that initial measures that were taken by the government to subjugate speculation will reel back. This will have an adverse effect on the global competitiveness of Korea’s blockchain and cryptocurrency industries. 

In response, the committee suggested that the government should prepare for future opportunities by regulating cryptocurrencies. The committee also proposed that the blockchain startups should be allowed to operate in regulatory sandboxes. Mr. Lee, Gong-joo, advisor to the President for science and technology, was also present at the conference. He said:

Thank you very much for your efforts. We will actively consider ways to make this possible.

Previously, China President Xi Jinping had also given a speech on the virtues of blockchain technology. According to him, the adoption of blockchain technology will make China stay at the top. Several local governments in China are getting involved with blockchain technology as well. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD snaps three-day downtrend as traders flirt with $36,000

BTC/USD bounces off intraday low of $35,576 to tease the $36,000 threshold, currently around $35,860, during early Monday. The crypto major dropped to the lowest since January 13 the previous day but failed to provide a daily closing below 21-day SMA.

More Bitcoin News

Uniswap Price Forecast: UNI leads DeFi rally despite Bitcoin's uncertainty

Uniswap is ending the week in style despite Bitcoin's uncertainty growing. BTC dived to $34,000 this week, hampering the expected rally to $40,000. The leading DeFi is up 12% on the day after establishing support at $8.

More Uniswap News

Ripple woes continue as Polkadot claims fourth spot by market capitalization

Ripple has consistently lost traction in the market from the time the United States Securities and Exchange Commission (SEC) filed a lawsuit against it.  XRP incurred massive losses from highs above $0.6 to lows of $1.7.

More Ripple

Ethereum Price Prediction: ETH holds steadfast above $1,200

Ethereum has not moved much since Friday. However, support at $1,200 has remained intact. At the time of writing, the largest altcoin is trading at $1,220. The least resistance path seems upwards, but a consolidation period is expected before Ethereum resumes ...

More Ethereum News


Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast