South Korea officially recognizes cryptocurrency exchanges 17544
News
Chandna
Jul 6, 2018 at 3:50 PM

In a major breakthrough, South Korea has legitimized the cryptocurrency sector as an industry. Soon, the country will have "a set of classification standards for the South Korean Blockchain and cryptocurrency industry."

According to local website BChain, the Korean government is set to release new blockchain industry classification norms by the end of this month. Three ministries - the Ministry of Information and Communication, the National Statistical Office and the Ministry of Science and Technology - are said to have been working been working on a draft for a couple of months.

The industry will be divided in three categories, which will deal separately with decentralized apps (like the ones made on top of Ethereum technology), mining activities of different tokens and the third will include crypto exchanges and brokerages.

Meanwhile, Malta and Japan have also come up with legislations which are being touted as quite cryptocurrency and blockchain-friendly. The Financial Services Agency of Japan is working to improve a law that requires digital assets to be stored separately from other securities. Recently, Malta also announced a new legislation that is aimed at attracting blockchain-based businesses to the country.

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