© Reuters.

The body governing South Korean lawyers has called on the government to hasten the introduction of blockchain regulations.

According to a report from Reuters on Thursday, the Korean Bar Association said the government should “quickly” develop blockchain laws in the country to help develop the tech industry and protect investors.

Kim Hyun, president of the Korean Bar Association, was quoted as saying:

“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.”

The government, however, will reportedly take a decision only after studying the technology thoroughly. It is currently examining the situation, alongside financial regulators in the country, according to the Reuters report.

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