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.