A two-day blockchain conference titled “Blockfesta 2018” kicked off today in SETEC, Gangnam-gu, Seoul.
Representatives from over 40 leading blockchain companies as well as domestic and overseas virtual currency experts, regulatory authorities and investors gathered to assess the current status of the blockchain industry and to find a way forward.
Yim Jong-Ryong, the former Chairman of the Financial Supervisory Committee, Kim Hyung-Joo, the Chairman of the Board of the Korea Blockchain Industry Promotion Association, and Jhun Ha-Jin, the Self-Regulation Chairman of the Korea Blockchain Association, among others, attended the event on the first day, the 22nd of August.
Also, the presence of CEOs from digital currency exchanges in Korea, including GOPAX, Huobi Korea and OKcoin Korea, as well as Bitcoin.com’s CEO Roger Ver, aka “Bitcoin Evangelist” and Blockstream’s CSO Samson Mow attracted a great deal of attention.
The conference began with a heated discussion on the “Regulatory Environments of States.”
“The growth of fintech requires an approach leveraging a new framework,” suggested Yim Jong-Ryong, the former Chairman of FSC, during his keynote speech.
As for detailed measures to relax regulations, Yim proposed “an active use of no-action letters.” “Prevention of the trial-and-error processes will be possible by checking in advance whether a product or service development goes against the law,” he said.
With regards to a future, where blockchain becomes part of daily life under a flexible regulatory framework, Bitcoin.com’s CEO Roger Ver predicted that “blockchain will boost economic freedom.”
“Economic freedom depends on how easy it is for members of a society to participate in that society or to start a business, or how much it is possible to freely trade with other nations, and how strict the property rights are enforced,” asserted Ver.
“The blockchain platform will enlarge personal values and create a token based economy, while tokens will serve as a tool for self-realization rather than means to make money“ envisioned Jhun Ha-Jin, the Self-Regulation Chairman of the Korea Blockchain Association.
Translated by Cha Soo-jin