The Korean Bar Association (KBA) has urged the government to implement a regulatory framework for cryptocurrencies as soon as possible, enabling the development of the industry and protection of its consumers.

The new legislation would enable the nation to benefit from the advantages of using virtual assets, noted KBA, an organization which traditionally avoids making recommendations for any particular industry.

The KBA’s statement reads “we urge the government to break away from negative perceptions and hesitation and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies”.

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