South Korea begins to classify crypto business

South Korea begins to classify crypto business

South Korean government announces the start of a process for classifying blockchain-related industries.

For the first time, the country’s leadership actually recognized the trade in virtual currencies as an economic industry. In the preliminary description, crypto exchanges are presented as «exchange of valuable property and provision of brokerage services». Platforms like Ethereum, EOS, and NEO are classified as «system for software development and provision of services on the blockchain».

South Korea begins to classify crypto business

Officials of the responsible state departments say that they have been developing the classifier since the end of June, and they plan to complete it by the beginning of August. The timeline may change as the working group will have to process the views of 160 institutions on this issue. The system will consist of three main categories and ten specifying.

Recall that Satoshi Nakamoto began writing a book about bitcoin and his life.

text: Ivan Malichenko, photo: Shutterstock 

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