Interest in and concerns over blockchain and cryptocurrency have become global issues.
However, there has been a lack of understanding over the definition and legal characteristics of blockchain and cryptocurrency, as well as a need to come up with user protections. Many countries around the world do not even have proper local protection measures in place or implement relevant regulations at different levels and scopes, thus adding to confusion. Worse, there are no shared standards for verifying blockchain technologies. In the meantime, we have seen a range of unwanted side effects—from international fraud to money laundering and criminal funding utilizing cryptocurrency—spread and intensify.
Now is the time for leading countries in the fields of blockchain and cryptocurrency to cooperate with one another to stop confusion in the cryptocurrency market from exacerbating, facilitate dynamic innovative technologies and establish a sound industrial ecosystem.
A delegation from the National Assembly of the Republic of Korea visited the United Kingdom, the Republic of Estonia and Finland (the country slated to hold the presidency of the European Council in the second half of 2019) in last March and suggested that parliamentary members attend a global conference on blockchain and cryptocurrency. They showed positive responses to such suggestion, based on a genuine sympathy with the necessity of inter-parliamentary cooperation.
In this conference, we plan to gather ideas from experts in the public and private sector around the world and have in-depth practical discussions, with respective parliaments playing a pivotal role. This will contribute to the establishment of measures preventing unwanted side effects associated with blockchain and cryptocurrency and provide an opportunity for cooperation in terms of regulations and technology. National Assembly of the Republic of Korea
Chair of the 2018 Global Blockchain Policy Conference
National Assembly Member