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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Chainlink price to provide buy opportunity before LINK surges 35%

Chainlink price is preparing for a move lower as its bullish momentum begins to wane. This downtrend, albeit bearish in the short term, will provide investors with an opportunity to accumulate LINK at a discount. It will also allow them to position themselves for a quick run-up to set higher highs.

More Chainlink news

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84 as Polygon presented a bullish chart pattern on the daily chart. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb. MATIC price has formed an ascending triangle on the daily chart.

More Polygon news

EOS community votes to fire and cut off payments to Block.one

The EOS community has come together to stop ongoing payments to Block.one. EOS members believe that Block.one has done little to support the blockchain network. Block.one will no longer receive 67 million EOS tokens in the next six to seven years.

More EOS news

Uniswap price recovers slowly as UNI eyes a 30% upswing

Uniswap price has been on a slow uptrend for quite some time. This move comes as the crypto markets are starting to recover from the brutal sell-off witnessed on December 4. The recent run-up shows that UNI is ready for a quick retracement before triggering a massive rally. 

More UniSwab news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis