Many South Korean blockchain producers urged the government to chart a blueprint for developing the newly emerging industry.

In a seminar Monday at a National Assembly conference hall, Ryu Ho-chan, advisor to the Korea Blockchain Industry Association, proposed that the government set up a blueprint for the blockchain industry.

He added that “without a roadmap, you have difficulty in doing business.” “Once the government outlines a clear-cut blueprint, the domestic blockchain industry will grow fast,” he added.

Han Seo-hee, a lawyer for the Barunlaw, said South Korea’s ban on initial coin offering (ICO) drove investors and startups out of the country.

“The government needs to establish a legal framework to permit the ICO,” he said, “The ICO is essential to promoting the blockchain industry.”

“Once the cryptocurrency exchange is regulated, and the ICO is allowed, can Korea create a sound ecosystem for the blockchain industry,” he added.

UNI & IN CEO Lee Sang-woo proposed the government establish a blockchain infrastructure. He added that good cars could run only when there is a road. In the same way, South Korea’s blockchain industry will take off only when there is an infrastructure. He said many South Korean companies have globally competitive blockchain technologies. He hoped that the government would listen to the view of the business community.