Recently, controversy over intellectual property rights for protecting genetic resources and traditional knowledge has been emerging. Very active debates and global discussions are being carried out in various international organizations for possible approaches to be taken for these properties, and for the fair and equal sharing of the benefits from these intellectual properties. There is a need to evaluate adopting a sui generis system which is being pushed by developing nations, or adopting a policy which will guaranteee benefit sharing such as sharing royalties from marketing final products, technical transfers, capacity building, and participating in research activities. Also, it is very important to examine the legal issues concerning genetic resources based on Convention on Biological Diversity for the fair and equal sharing of the benefits with developing nations, at the same time assuring developed nations of access to genetic resources.