Panelists at a National Assembly seminar Wednesday criticized policymakers and lawmakers for talking much and acting less on the blockchain industry.

They concluded that the Moon Jae-in administration has prematurely framed the blockchain industry negatively.
They urged the government to come out with the blockchain industry promotion act. They said the blockchain industry is a core trendsetter in the dawning Fourth Industrial Revolution.

They called on the National Assembly to adopt a negative system in the blockchain-related laws, namely allowing all things unless otherwise prohibited.

Lawmaker Choo Kyung-ho, who hosted the seminar, said he would do his best to hear the views from blockchain developers.

Lee Dae-hee,  law professor of the Korea University said, “The time has passed for the government to sit on the fence.” He said the government should take a proactive approach to foster the blockchain industry.

He urged the government to set rules for the blockchain industry. Once the rules are set in, the industry would become transparent and investments would increase, the professor said.

Lee Jeong-yup, chairman of the Korea Blockchain Law Society, said that developing the blockchain industry is an inevitable global trend. He added that the government should refrain from taking the all-or-nothing approach and set a legal framework to minimize negative effects and maximiz positive effects.

Cha Je-pil, executive of the Korea Internet Corporations Association, said the blockchain is to become a new growth engine for South Korea. He urged the government to establish an infrastructure for the development of the blockchain industry.