South Korean government to run second study group on blockchain regulation

South Korea’s Ministry of Science and ICT has announced that it will run a second study group to promote the adoption of blockchain technology.

In a press release issued this week, the government said that the “Blockchain Regulation Improvement Study Group”, which was launched last June, aims to “improve the legal system that prevents the spread of block chain technology.”

The first study group focused on legal regulations in areas such as smart contracts, distributed computing systems, person information, electronic documents and digital signatures, among others.

This year, the second study group will focus on five strategic industries including, logistics and distribution, public service, healthcare, finance, and energy sector.

“We plan to study ways to improve regulations in preparation for full-fledged pilot projects,” the government said (via online translation).

“We plan to utilize research results derived from future study groups through industry hearings through public hearings, and through consultation with related departments, to lead to improvement of actual regulation.”

Earlier this week, Seoul Mayor Park Won-soon revealed plans to implement blockchain technology in citizen cards in the city. Previously, the Seoul Metropolitan Government announced that it will invest 1.2 trillion won ($1.07 billion) in startups by 2022 via an investment fund.