Blockchain associations, universities, and lawyers joined hands to form a federation to promote the next-generation industry and cryptocurrencies.

The federation, to be launched on March 25 in Seoul, will urge the government to allow initial coin offerings (ICOs). Its spokesman said Korea is one of the two OECD countries that ban the ICOs.

He said Korean blockchain developers face reverse discrimination. For example, foreign ICO projects can open shops in South Korea, while their Korean counterparts cannot ICOs.

The federation will issue a resolution on the launch date.

The federation said the government’s ban on cryptocurrencies would push blockchain developers to near extinction.

The members include the Korea Blockchain Enterprise Promotion Association, the Korea Blockchain Industry Promotion Association, the Korea Blockchain Startup Association, the Korea University Cryptocurrency Research Center, the Dongkuk University Blockchain Research Center, the Tech World, and the Tek & Law.

Four of them got a license from the government. The two research centers of the universities would provide technical and analytical feedback on blockchain and cryptocurrencies.

The federation would do the following;

Firstly, it would seek to remove hindrances and to the development of blockchain.

Secondly, it would urge the government to establish rules and regulations to create a cryptocurrency ecosystem.

Thirdly, it would urge the government to introduce rules to protect investors in cryptocurrencies.

The federation will continue its activities until the government introduceㄴ legislation and regulations on blockchain and cryptocurrencies.