South Korean blockchain associations are reorganizing themselves to represent the interest and image of their members better. The latest revamping is an answer to the public criticism that so many associations are vying to become a voice in their hegemonic war.
Leading the revamping is the Korea Blockchain Association. The association includes cryptocurrency exchanges as members. It is now expanding to invite blockchain startups and venture capital companies as members.
In a recent meeting, they vowed to devote their energy to creating a healthy ecosystem for blockchain and cryptocurrency exchanges. They also reshuffled the chairman and its executives.
They pin hope on the government’s assistance through the regulatory sandbox. They are contacting the Financial Supervisory Commission and the SME & Venture Ministry to sound out the possibility of regulatory exemption for blockchain technologies and cryptocurrencies.
Under the regulatory sandbox, the government can exempt new disruptive technologies from the existing rules and regulations. The exemption is available through screening their technologies. The regulatory sandbox program is a golden opportunity for blockchain developers. The current laws and regulations do not have any codes for blockchain technologies.
The association also plans to offer proposals to the local autonomous bodies for business partnership. The association is ready to provide the know-how to the provinces and cities to help them establish the blockchain cluster;
There is another association representing the views of big companies and financial services firms. The Open Blockchain Industry Association plans to foster professional blockchain developers, assist in creating the blockchain ecosystem, and hold conferences and seminars to deepen public understanding of the blockchain business.
The associations have been successful in publicizing the importance of blockchain technologies in seminars and conferences last year. However, they believe they could not get concrete support from the government.

Overcrowded associations

So many associations have gone their separate ways, leaving the government confused over which association best represents the interest of blockchain and cryptocurrencies.
A Seoul professor said the associations are overcrowded. There are many associations of which operations are quite dubious and membership is quite small.
The member companies said their associations were of little help in their doing business.
Last year, the Korea Blockchain Association unveiled programs to regulate the cryptocurrency exchanges. They sought to enable the exchanges to open accounts with investors on a real-name basis. However, their lobby made little progress in winning the heart of regulators and policymakers.
The associations are desperate to change the government’s negative attitude over cryptocurrencies, and initial coin offerings. However, there is no indication that the government would make a U-turn from the current crackdown on ICOs.
The associations plan to encourage blockchain startups to develop core technologies before seeking to raise capital.