Blockchain Industry Requests Relaxation of Cross-Chain Transfer Regulations in Parliament

The domestic blockchain industry has reportedly urged Parliament to relax regulations prohibiting the transfer of security tokens (STOs) between different distributed ledgers. According to The Korea Times, the Korean Blockchain Industry Promotion Association (KBIPA) recently submitted a proposal to the National Assembly's Committee on Financial Services and Fintech, requesting a review of provisions that ban cross-distributed ledger transfers. The association also included proposals for easing regulations on public blockchain utilization in its submission. KBIPA noted that current restrictions on inter-chain transfers could potentially conflict with future on-chain payment pathways based on won stablecoins.