South Korean Cabinet Excludes Sale and Brokerage Of Digital Assets From Venture Business Classification


South Korean Government Will Exclude Sale and Brokerage Of Digital Assets From Venture Business

Now, the South Korean government has decided to exclude digital assets trading companies from venture business classification. The Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) ha excluded crypto exchanges from the list in August and now the measure will have a greater impact.

A recent cabinet meeting made by the Prime Minister Lee Nak-yeon was used to revise the Enforcement Decree of the Act on Special Measures for Promotion of Venture Business, which also excluded sale and brokerage services of digital assets from the category, as well as the business concerning the blockchain technology.

This new amendment on the legislation of the country is an obvious next step after the first decision back in August. This will help these companies to their position and to protect the clients from any illegal activities at the same time.

The government has stated that money laundering and hacking on blockchain-related business and digital assets are occurring and that the institution will set it as a business sector included in an industrial ecosystem as a way to help it.

At the same time that this decision was made, the Ministry of Science, Information, Communications and Technology has also pledged to support the blockchain industry in this matter.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide