South Korea is one step closer to legalizing blockchain in the country. According to reports, the South Korean government has begun drafting several new industry classification standards to run the country’s blockchain sector.
On the road to integrating blockchain.
In particular, the three Korean government ministries are working together to finalize the new blockchain industry classic scheme. The Ministry of Information and Communication, the Ministry of Science and Technology, and the National Statistics Office are expected to finalize the draft by the end of July 2018. The scheme will help lay the groundwork for policymaking on the “Blockchain Promotion and Regulatory Framework”. It will also cover areas such as cryptocurrency exchanges, transactions, decentralized applications (DApps) development, and blockchain system building. The draft will also classify cryptocurrency exchanges as crypto-asset exchanges and brokerages. This is important because cryptocurrency exchanges were previously considered “communication vendors.” Now, they can be considered regulated financial institutions.
Relaxation of blockchain rules
Things are looking more blockchain because the South Korean government is more relaxed. Earlier, the Financial Services Commission (FSC) banned ICOs because officials were concerned about the negative effects of corrupt currencies, saying that corrupt currencies could corrupt the country’s youth.
The FSC is considered the Korean regulatory authority that oversees blockchain policy. It is also the governing body of the Financial Supervisory Service (FSS), which has reconsidered its corrupt currency regulatory policy.
The Korea Times quoted an official as saying, “The FSC has revised its laws to implement strong policies to prevent or detect money laundering and illegal activities because the regulator is not opposed to corrupt currencies.”
“The establishment of unified legislation is a complex issue that requires extensive review among government agencies. That is why the country needs close international cooperation as it is still in the early stages of fine-tuning instructions.” Claimed by another official.
That being said, South Korea is reportedly following the policies set by an international forum for G-20 governments and central bank governors. Top monetary policymakers in the G20 have agreed to recognize and control corrupt currencies as financial assets. Although South Korea has not yet done so, the move to simplify the rules of the cryptocurrency could potentially benefit other nations that are heating up the blockchain industry, as large exchanges are now more active in international markets. Are spreading Want services in the Asian region.
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