[Column] What about government policies as the blockchain technologies come closer to consumers with the launch of the Kakao Ground X Service?

Several newspaper companies have been talking about how the ‘Content Protocol' of the video streaming platform Watcha is joining the Ground X Klayton Platform as a partner. It is reported that the consumers can easily access the Klayton Platform being introduced by Ground X, a blockchain subsidiary of Kakao, Korea's largest mobile platform, as they subscribe to the new platform with their existing Kakao ID, and may also control it using the wallet in their own Kakao account.

Two main developments are hinted, brought about in the blockchain market by Klayton platform being launched by Ground X, a blockchain subsidiary of Kakao, in 2019:

It has been reported that the blockchain technologies will be selected as media that the general public may access easily, as the other partners who joined the Klayton platform include developers or providers of games, video media, and travel services. The technological combination with blockchain technologies in diverse fields will provide a foundation for the online and offline service users to use further developed services.

First, the point where the Watcha contents protocol, with a large number of users, is joining Klayton means that the blockchain technologies will become even more popular or easier to access by the general public. Watcha has attracted attention from many as it is a platform with approximately 4 million users, and the users will receive reward tokens by routine participation in the service by leaving their rating comments about movies or recommend movies to others on the Watcha platform.

Second, the current opening of the Klayton platform will be a good opportunity for startups who are exploring blockchain-related service businesses. At the same time, there still remains a crux that no one knows what regulatory actions the Korean government will take toward the blockchain-based services, as the law has not yet been fully established for regulation over blockchain technologies. In a press conference, the blockchain task-force team of the Korean Bar Association disclosed a statement urging the government to prepare statutes and policies on blockchain technologies and services in order to develop a desirable market. Examining various legal regulations in advance is rather important for startups that desire to provide platforms and services based on blockchain technologies. They are urged to examine the Capital Market Act, the Personal Information Protection Act, and the e-Commerce Act from diverse viewpoints, as the government has not yet promulgated statutes and policies for the regulation of such technologies or services.

VEAT Law Firm contributes to the development of policies and statutes related to blockchain in various modes through various activities, including participation in the blockchain task-force team of the Korean Bar Association. It also provides inclusive legal counseling on blockchain industries based on its rich experience in legal counseling on blockchain and virtual currencies. It will continue to provide the startups and other businesses that desire to develop technologies and services based on blockchain with inclusive expert counseling on the entire blockchain industry so that they may carry on business activities in a stable manner even amidst conditions where statutes and regulations are not transparent.

Those in need of legal counseling from VEAT Law Firm are invited to contact us via the following route.