South Korea will officially legalize cryptocurrency and blockchain companies. They plan to label them as legal entities which will provide a solid foundation for the operation and ownership of cryptocurrency and blockchain development.
South Korean media outlet TheBchain states that crypto exchanges will be categorized as a “cryptoasset exchanges and brokerages.” It’s a push by the Korean government to build a new system for the rise of blockchain and crypto projects. Platforms like Ethereumwill be labeled as “blockchain-based software supply” and “development businesses.”‘
In January of 2018, Korea took steps to regulate cryptocurrency speculation and put in restrictions that would completely ban exchanges. This only led to a huge backlash and announcement from the office of S. Korea’s President Moon Jae-in, who revoked the ban. Since then, it has slowly removed restrictions and even now allows ICOs in some cases. The legislative branch of the Korean government allows ICOs as long as protections are given to investors.
A full detailed list of industries is expected to be released by the Korean government later this month in July. The Korean Financial Intelligence Unit will be the one in charge of the cryptocurrency exchanges and enforcing laws and regulations to stop any illegal activities.
This forward push in blockchain development and crypto exchanges is not just localized in Korea. Many other countries and nations are becoming of this new technology. Malta, for example, has been dubbed the official “blockchain island” because of the freedom and foundation its placed for the development of blockchain tech. Other countries are now following suit. It’s truly become a global phenomenon.
Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.
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