[THE INVESTOR] Korea Blockchain Association, a 66-member group of major cryptocurrency exchanges such as Bithumb, Upbit and Coinone, and blockchain firms, officially kicked off on Jan. 26.
Jin Dae-jae, former minister of information and communications and president of Samsung Electronics, is leading the organization as its first chairman.
“We will try to create a healthy ecosystem where investors do not have to experience unnecessary disadvantages from (cryptocurrency) trading,” said Jin at the launching ceremony held in Seoul. “We also hope that the government does not regulate the market excessively.”
Jin Dae-jae (second from left) and participants at the Korea Blockchain Association launching ceremony.
“I believe blockchain is the core technology that will lead the second era of internet. The association will examine the market to figure out the characteristics and usage of the coins to help create a sustainable market.”
Jhun Ha-jin, former lawmaker and CEO of Hancom, will head the self-regulatory committee, the association’s core initiative to mandate exchanges to follow set of measures to ensure transparency and security in trading.
“Many investors are investing in cryptocurrency without much knowledge, and prices were based purely on supply and demand,” said Jhun. “It is the association’s role to assess the true value of the coins and blockchain. The exchanges have to provide right information for individuals to make the right judgment.”
A total of 25 major cryptocurrency exchanges are part of the association, as well as blockchain startups and large firms, including Lotte Data Communications. Foreign exchanges, including China’s OKCoin, are also preparing to join the group.
“Many Korean conglomerates have expressed an interest in joining us, but they seem to want to wait a bit due to the negative public sentiment,” said Kim Jin-hwa, director of the association.
At the event, lawmakers from the main opposition Liberty Korea Party, the ruling Minjoo Party and minor opposition People’s Party, vouched to support the association to improve the cryptocurrency and blockchain industry.
Meanwhile, during the ceremony, Jung Chan-woo, the representative of the victim committee of cryptocurrency trading, staged a one-man protest against the nation’s largest exchange Bithumb, demanding explanations and a compensation. “Due to Bithumb’s server shut down on Nov. 12, over 8,000 users suffered financial damages. But the firm hasn’t responded nor offered compensation,” said Jung.
“The government must look into the case as Bithumb is suspected of insider trading and manipulating the market price.”
By Ahn Sung-mi (firstname.lastname@example.org)