Min, who also serves as chairman of the parliamentary National Policy Committee, said he would propose deregulation to President Moon, adding that he has been consulting senior presidential aides over the matter.

Opposition lawmakers have criticized the Moon administration for neglecting its own policy initiative of innovative growth. They described blockchain technology is crucial in the era of the fourth industrial revolution.

Last week, Rep. Song Hee-gyoung of the Liberty Korea Party introduced a bill designed to provide comprehensive support for the blockchain industry, with measures ranging from protecting intellectual rights to offering tax benefits.

“Although many customers rely on blockchain for a technological breakthrough, they suffer from lack of systemic support,” said Song. “The government’s vision of promoting the blockchain industry is nothing but talk.”

The latest dispute surrouding blockchain involved the regulator’s refusal to include a blockchain-based money transfer service in the ICT regulatory sandbox, which offers regulatory exemptions for selected innovative industries.

While Financial Service Commission pledged to amend regulatory sandbox to boost the country’s FinTech sectors, blockchain-based platforms are still exempt from deregulation move. 
(jasonyeo@heraldcorp.com)