South Korea’s president directly under the Fourth Industrial Revolution Committee promotes legislation in the country’s encryption industry

According to AtoZMarkets, on October 30th, the fourth Industrial Revolutionary Committee, directly under the President of South Korea, urged the South Korean government to give encryption legal status to maintain its leading position in innovation in this field. The committee will announce the proposal at the Seoul meeting today. The committee is concerned about the country's policy of preventing excessive cryptocurrency speculation (perhaps necessary at the time) or undermining the global competitiveness of the Korean blockchain and cryptocurrency industries. It said that the government should recognize that the blockchain is an unstoppable trend and should set policy objectives as soon as possible. In addition, the committee also suggested that from the perspective of global competitiveness, the government should promote the activation of technology and the systematization of cryptocurrency, and call on the government to create encryption legislation in Korea as soon as possible. In addition, the government should study tax and accounting plans on its own and actively allow startups to participate in the supervision of sandboxes.