South Korean law experts are set to form an organization dubbed the “Blockchain Law Society”, that will hold an official opening ceremony and conference on August 24 in the Seoul District Court. During the conference, regulatory issues will be discussed, as well as ways of applying technology in the legal field itself.
This new organization is being built with the aim of promoting litigation and the study of related technologies. Blockchain Law Society gathered experts from different spheres “including judges, prosecutors, lawyers, professors and industry experts,” Yonhap News reports.
WHY IS IT IMPORTANT?
- One of the most significant problems that the country faces is the legal aspect when it comes to new technologies. In mid-July, several South Korean parties submitted legislative bills, calling to organize an institutional, governmental discussion that would result in an introduction of a legal consensus.
- The government of South Korea plans to invest more than $880 million (1 trillion won) in accelerating the development of innovative technologies next year. Investments will be directed to blockchain technology, artificial intelligence (AI) and Big Data.
- Earlier in April The Korean Blockchain Industry Association has announced a set of rules for 14 of its exchanges, such as Bithumb, Coinone, Upbit, Korbit, and others. Its main purpose is to boost transparency and counter money laundering attempts.