South Korea considers classification for crypto sector

Posted 05 July, 2018

South Korea can reportedly classify the cryptocurrency market as a separate industry, while crypto companies can be considered as regulated financial institutions.

According to the sources, the companies dealing with cryptocurrencies can probably be broken down into categories: blockchain online-games, platforms for decentralized applications and software for specialized blockchain tasks.

The corresponding classification is said to be prepared by the end of the month.

Meanwhile, crypto exchanges that are considered now as communication vendors can be classified as digital asset brokers.

“We are considering a plan to release the standard later this month. It is difficult to talk about the details,” reported local media citing the government.

In late June South Korea's Financial Service Commission tightened the crypto exchange regulation in light of the fight against money laundering and other illegal activities. With the new amendments, banks providing services to the exchanges have to monitor the funds' movement on traders' accounts and accounts of the platforms.

Earlier, South Korea's ministry released the strategy for blockchain development, which can receive more than $200 million financing.

All the above shows that South Korea keeps moving further in the process of crypto legitimization. At the same time, ICO remain banned in the country, though this issue can be a subject for governmental reconsideration.

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05 July, 2018 16:37

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