It seems like the combat for legality that the blockchain and cryptocurrency business is facing in South Korea appears to be close to its end. The South Korean government has lately drafted new main industry categorization standards for its local blockchain industry, according to the local report.
The Ministry of Information and Communication and the National Statistical Office have been operational to make a final draft that will be obtainable by the finish of July and will be a main step for the industry in the nation, which is one of the most significant markets for the blockchain technology at the minute.
According to the reports, this innovative decision and the classification standards will dish up as a basis for any policy creation on this new industry, particularly concerning the endorsement and the regulatory frameworks of the industry.
The idea of the South Korean government is to include the creation of decentralized applications, cryptocurrency exchanges, dealings and blockchain systems in the nation. This new draft defined exchanges as asset exchange and brokerage platforms, which is a vital redefinition because it finally recognizes them as regulated financial institutions.
South Korea Recognizes Blockchain As An Industry
Today’s news comes at an essential occasion for the South Korean crypto bubble. It may be said that the most significant development is that the government is, for the first time, considering this industry to be real and will start to regulate it.
The government has determined to subdivide the manufacturing classification system into three dissimilar sectors each one with ten further subdivisions reported Coin Telegraph. It is still very untimely to be totally sure how this will influence the industry in South Korea but it can certainly be measured great news for the industry, as there will be less gray areas in the development of this division.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]