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  • Fri, Jul 6, 2018 South Korea may officially recognize the legal status of cryptocurrency exchanges


    According to local media BChain reported on Thursday, the South Korean government is drafting a draft of the latest industry classification criteria for the country's blockchain sector. South Korea's three government departments - the National Bureau of Statistics, the Ministry of Science and Technology, and the Ministry of Information and Communication since the end of June, have been drafting a final draft of the new blockchain industry classification plan at the end of July.
    According to reports, the plan will serve as a basis for policy development, especially for blockchain promotion and regulatory frameworks, and cover areas such as blockchain system construction, distributed application (DApps) development, cryptocurrency exchanges and transactions.
    According to Hacked, the draft defines cryptocurrency transactions as encrypted asset exchange and brokerage, and more importantly, cryptocurrency exchanges are defined as regulated financial institutions, BChain reports, the move is the first time the Korean government has admitted An emerging industry is a legal industry. With the further involvement of 43 government agencies, 17 municipal agencies, businesses and financial institutions, the program is said to be in consultation with more than 160 institutions to compile the first statistical survey of the field in the country. The government has divided its industry classification scheme into three areas, and under the guidance of the Korean Standard Industrial Classification (KSIC), it has subdivided ten departments. These include detailed considerations for blockchain-driven distributed applications (DApps) such as EOS, Ethereum (Ethereum), NEO, blockchain-based cloud computing services, and cryptocurrency mining.
    The survey also involved the integration of blockchain ecosystems with existing industries, including finance, securities, insurance, copyright management, supply chain management, healthcare services and software development. This news appeared at a critical moment in the field of Korean cryptocurrency. The recent hacking incident of cryptocurrency exchanges, which has received much attention, will inevitably attract the attention of local regulators. Despite this, the Korean government has had important positive news since the spring.