A bipartisan group of South Korean lawmakers requested the government to ease the regulation of cryptocurrencies and blockchain technology. 

Against the Democratic Party’s deregulation, these lawmakers argued that the Moon Jae-in administration’s agenda is overly restrictive and inhibit country innovation. They also accused the Financial Services Commission with an unduly conservative stance for resolving the regulation.

On last Friday speech at the National Assembly Deconomy Conference, Rep. Min Byung-doo, parliamentary National Policy Committee chairman, said that: “The government said it would lower regulation barriers, but cryptocurrency and blockchain are not subject (to such a move), which is a contradiction. It is now time to review previous regulations and ease them according to needs”. Min also agreed to raise the crypto deregulation with president Moon and is working with high-level presidential aides for this matter.

Song Hee-Kyong, co-president of the 4th Industry National Assembly Forum and a Liberty Korea Party opposite representative, proposed a modification to strong support for the blockchain industry.  “Although many customers rely on blockchain for a technological breakthrough, they suffer from lack of systemic support. The government’s vision of promoting the blockchain industry is nothing but talk.”- Song commented.

Also in the National Assembly Conference, the Ethereum (ETH) co-founder Vitalik Buterin urged the South Korean government to deregulate the blockchain industry since the crypto prohibition and government blockchain unable accommodation are unintelligible.

The South Korean government revealed that it will triple the blockchain budget for 2019, and researching many blockchain projects at local and state levels. This February, the Liberty Korea Party agreed to develop the blockchain technology and considered it as one of the key technologies of the fourth industrial revolution.