District Judge Forms Blockchain Law Study Group in South Korea

A group of judges, lawmakers and industry experts in South Korea are forming a new group aimed to discuss legal issues surrounding blockchain technology.

Called the Blockchain Law Society, the group is holding its founding conference on Aug. 24 in the Seoul Central District Court, during which participants will discuss both regulatory issues around blockchain and how to utilize the tech in the legal space.

According to a press release published Monday, Jung-yeop Lee, the presiding judge of the district court in the city of Daejeon, founded the organization as an industry-led initiative intended to foster dialogue within the country's justice and legislative arms, as well as elsewhere in society.

"Blockchain Law Society was founded not only to study blockchain technology from a legal aspect, but also to promote interdisciplinary collaborations across diverse areas, such as economics, computer engineering, field business," the announcement said.

Initial topics to be addressed at the founding event include blockchain's use in accounting and taxation, legal issues arising from the use of smart contracts, research on blockchain legislation and a regulatory sandbox for blockchain startups.

The initiative comes at a time when a number of legislative moves concerning cryptocurrency, blockchain and token sales are reportedly being developed by lawmakers and regulators in the country.

The South Korean government is, however, also doubling down on its commitment to support blockchain development for various applications with financial and technological resources.

Seoul Central District Court image via Shutterstock