[THE INVESTOR] Korea Blockchain Association on Jan. 11 said it has appointed Jin Dae-jae, former minister of information and communications and president of Samsung Electronics, as the first chief of the new association. 

Jin, 66, will officially take office, following approval of the members on Jan. 26, when the association officially kicks off. 

“We believe Jin is the right man for the position to head the new technology and revolution of blockchain,” Kim Jin-hwa, co-head of the association preparation committee, told The Investor. “Jin has extensive expertise in new technology development.”

Jin Dae-jae

The association, composed of 14 major cryptocurrency exchanges -- including Bithumb, Coinone, and Korbit -- will focus on conducting research on the local blockchain industry with the goal of creating a healthy ecosystem. 

In December, the association announced a set of self-regulatory measures aimed to ensure transparency and security in cryptocurrency trading amid the government’s clampdown. 

Jin served as the ICT minister from 2003-2006 under President Roh Moo-hyun. Previously, he worked at Samsung Electronics from 1985 to 2000. After stepping down from the ministry, he founded venture capital and private equity firm SkyLake Investment in 2006, funding various IT startups.

By Ahn Sung-mi (sahn@heraldcorp.com)