The legislative vacuum surrounding Korea’s blockchain industry is once again emerging as a major legal and policy issue. At a National Assembly seminar titled “Why the Blockchain Basic Act Now?” held on May 12, 2026, participants noted that domestic blockchain businesses, including security token offerings, fractional investment platforms, and regulatory sandbox-based projects, are facing significant difficulties due to delayed institutionalization and regulatory uncertainty.

Industry participants also raised concerns that, unlike major overseas jurisdictions such as Singapore, Korea lacks clear standards on which blockchain businesses are permitted or restricted. This uncertainty has discouraged investment and delayed new service launches. Against this backdrop, the need for a Blockchain Basic Act is being emphasized to promote blockchain technology and clarify the legal effect of smart contracts and distributed ledger technology.

Managing Partner Oh Hoon Kwon of C&K Law Office stated that “the existing legal framework was designed on the premise of centralized trust and written formality, and therefore inevitably creates fundamental friction with distributed ledgers and smart contracts.” He also emphasized the need to examine potential conflicts between blockchain technology and existing laws, including the Personal Information Protection Act, the Electronic Documents Act, the Digital Signature Act, the Civil Procedure Act, and the Information and Communications Network Act, and to reflect these issues in future legislation. (Edaily, May 13, 2026.)

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