Government of South Korea is drafting new industry classification standards for local blockchain industry. It is believed that three Korean Ministries – the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication – have been working on the final draft of a blockchain industry classification standards which will be announced in the end of July. This scheme is said to be a base for policy making, first of all aimed at blockchain promotion and regulatory frameworks. It covers several areas, including creation of blockchain sustems and DApps, as well as cryptocurrency exchange and transactions. It defines cryptocurrency exchange as “exchange of cryptocurrency assets and brokerage service”. This is an important definition which recognizes cryptoexchanges as “regulated financial institutions”, unlike their previous classification as “communication service provider”. This is the first time when Korean government recognizes a developing sector as a legitimate industry. |
