28 September, 2018
Crypto trading companies will reportedly no longer be considered as venture business in South Korea, following the corresponding decision made by South Korean ministers.
During the recent cabinet meeting, it was decided to revise and amend the Enforcement Decree of the Act on the Promotion of Venture Businesses. As a result, the crypto and blockchain business will not be included in the venture activities.
At present, the following businesses, like entertainment, martial arts entertainment, other liquor, gaming facilities management, unpaid arts are defined as sectors that are not included in the venture business and will be joined by the crypto trading companies.
This decision comes in line with the ministerial initiative voiced in August and is aimed at boosting cooperation among the institutions as well as protection of the residents against illegal crypto activities, including money laundering, fraud practices and hacking.
Last week, South Korea's ministry expressed intentions to support and provide assistance to local blockchain companies in their business activities. Moreover, the ministry plans to promote the development of this technology in the country.