An organization of some 5,000 people in the digital asset and blockchain industry and academia has been launched.

The idea is to present the government with industrial roadmaps in a systematic manner, as it has been difficult to do so with a number of blockchain-related groups springing up.

The Korea Blockchain Enterprise Promotion Association (KBEPA) and the Korea Blockchain Association Organization Federation held a ceremony to launch a “blockchain (digital asset) industry committee” on Feb. 10 at the JBK Convention Hall in Seoul’s Gangnam-gu.

Lee Han-young, president of the KBEPA, and Lee Won-wook, chair of the parliamentary committee on science, ICT, broadcasting and communications, have been named co-chairs of the new committee.

The new committee has some 20 subcommittees, and about 5,000 people in the blockchain industry and academia have registered themselves as committee members.

The committee believes that they need a government organization for the blockchain industry, similar to the Presidential Committee on the Fourth Industry Revolution which was established in October 2017. They stress that the government should lead and experts from the private sector should take part in the drive for a “Korean digital New Deal” to build the industry.

“We have a lot of problems to solve, such as a gap in the perception of digital assets between the government and the industry; and a conflict of interest in applying laws and regulations,” co-chair Lee Han-young said.

“The blockchain industry committee will wisely bridge the regulatory authorities’ position and the blockchain industry’s demands to play a key role in making Korea a digital leader.”

To mark the new committee’s launch, a debate session was also held to discuss ways to develop the blockchain industry.

Kim Hyung-joong, president of the Korea Fintech Association and special professor at Korea University’s Graduate School of Information Security, gave a presentation on strategies for Korea to lead the global digital asset industry as the country aims to reach a national per capita income of $50,000.

Experts in academia and industry such as Park Sung-joon, head of Dongguk University’s Blockchain Research Center; Song In-kyu, CEO of Incutech; Yoon Seok-bin, professor at Sogang University; Choi Jeong-moo, standing vice chairman of the KBEPA; Sung Ho-young, CEO of JNV; and Han Man-sik, CEO of Daintop Holdings; took part as panelists and shared views on how to foster unicorn companies and on setting up a government agency that exclusively handles digital economy.

“We need to be confident that Korea can lead the world as it shifts from analog economy to digital economy, and we need to draw a big picture for digital economy to produce 10 or more unicorn companies in the digital asset industry every year,” professor Kim said.

“To achieve the ‘triple five’ of becoming the world’s fifth largest economy, reaching a national per capita income of $50,000 and KOSPI 5,000, we must focus on digital economy … We need a minister-level government agency on digital economy that deals with cryptocurrency, decentralized finance, digital decentralized autonomous organizations, non-fungible tokens and digital territory, or metaverse.”

Professors Park and Yoon called for seeing blockchain “not as a technology but as a science policy with insight.”

Han and Sung stressed the need to shift from a supplier point of view to a user’s perspective.

Song said tax exemption was necessary for Korea to become a hub of digital assets.

Choi, who is also the CEO of AMAXG Group, said the new blockchain committee will proactively make policy proposals as the government agrees on the need to develop the blockchain industry.

“We need bold government-led moves to lead global markets in the blockchain ecosystem, exchanges and virtual assets,” Choi said.