Chin Dae-je, chairman of the Korea Blockchain Association, Thursday urged the government to set a guideline on stimulating the domestic blockchain industry.

In a seminar at the National Assembly, Chin lamented that the government excluded cryptocurrency exchanges from the list of startup venture companies eligible for state incentives.

He said the five blockchain-related bills have been under review at the National Assembly for legislation. But any of these bills do not embrace digital token transactions. Chin said the G20 industrialized countries would draft this month an international rule to prevent cross-border money laundering. The South Korean government could use the global guideline for enacting a law on digital currency, he said.

He said the association has been campaigning for the development of the sound initial coin offering (ICO) market. However, the Financial Services Commission has been skeptical over the ICO market, he added.

The former communication and telecommunication minister urged the government to establish rules so that eligible startups can raise funds through the ICO. Chin said the government should create a sound ICO market as blockchain and digital token are core technologies in the emerging Fourth Industrial Revolution.