Quote
"We agree that regulations are necessary. But regulation should come after related laws are implemented. The petition is also a request for the government to respect people's property rights and introduce regulations after reaching a social consensus."
In my opinion, legally speaking I think there is really a basis for this petition. You can not regulate something that you are not yet recognizing because that is akin to using the state power against something that is not legally defined for what it is. There is a need for a law here defining what cryptocurrency is and how it should be treated. However, all of these hassles could have been avoided had there been adequate and honest consultations with the industry that is affected and not just imposed on what they believed to be right for the said matter. We are hoping that the court would come down with an order positive to the petitioner.
Nevertheless, what is quite clear here is that the government is really bent on regulating cryptocurrency because the market is burgeoning and there is a need to restore order so that things can go smooth and not done like the Wild, Wild West. As for me, there is nothing wrong with regulations and it would be proper for both sides to cooperate with each other with the aim of making the industry a platform for investors and not one working against them and at the same time not allow scrupulousness operators to come in and make some havoc on unsuspecting and innocent newcomers to the fold. When the dust will settle, I am sure that South Korea can be one of the most important markets for Bitcoin and the whole cryptocurrency industry.
