[Blockchain] Kakao Ground X service opening is expected to bring blockchain technology one step closer to consumers, what about the policy?

News is attracting attention from several media outlets that Watcha's 'Content Protocol' will join the Ground X’s Klaytn platform as a partner.

The significance of Ground X, Kakao's blockchain subsidiary, opening the Klaytn platform in 2019 can be seen in two major points.

Other partner companies that have joined the Klaytn platform were also selected as media outlets that make blockchain technology accessible to the general public, such as games, video media, and travel. The incorporation of blockchain technology in these diverse fields will serve as a foundation for online/offline service users to utilize more advanced services.

First, Watcha's 'Content Protocol', which has a large number of users, joining Klaytn suggests that blockchain technology will take another step towards popularization. Watcha is already a platform with approximately 4 million users, which is receiving attention. Klaytn users will be able to receive reward tokens through everyday participation, such as leaving movie ratings and recommending movies to others on the Watcha platform.

Second, the opening of this Klaytn platform will be a good opportunity for entrepreneurs exploring blockchain-related businesses. At the same time, there is a difficulty because legal regulations related to blockchain have not yet been established, and we do not know what regulations the Korean government will impose on services based on blockchain technology in the future. In November, the Korean Bar Association’s Blockchain TF team held a press conference to announce a statement urging the preparation of blockchain-related laws and policies for the formation of a healthy market. It appears that startups who want to provide platforms and services based on blockchain technology should carefully review various legal regulations in advance. Since relevant regulations and policies have not yet been publicized, please review from various perspectives such as the Capital Market Act, Personal Information Protection Act, and Electronic Commerce Act.

Law firm Veat is contributing in various ways to the preparation of blockchain-related policies and regulations through joining the Korean Bar Association’s Blockchain TF team and other activities. Drawing on extensive legal consulting experience in blockchain and virtual currency, we provide comprehensive legal advice related to the blockchain industry. Moving forward, Law firm Veat will provide comprehensive and professional advice to entrepreneurs and companies who want to develop technology and services based on blockchain, enabling them to conduct their businesses stably even in an unclear legal and regulatory environment.

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Law firm Veat