Within the South Korean government, the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication have been working to produce a blockchain industry classificatory system. The South Korean government have now announced that this will be ready for the end of July.
According to local publication Thebchain, the main draw of the scheme is that it formally recognizes crypto exchanges as regulated financial institutions, with the final draft also expected to draw on the experience and opinions of over 150 organizations involved with the burgeoning crypto and blockchain industries. Thebchain reports that [translated from Korean]:
The government will announce an industry classification system that breaks down the blockchain related industry into 10 categories such as blockchain system, Dapp development, and password currency transaction, in what is the first governmental step to recognizing cryptographic currencies and their exchanges as an industry. Cryptographic exchanges are classified as ‘encryption asset brokerage.’ Blockchain platform developers such as IOS and Etherium are classified as ‘blockchain based system software development and supply businesses’. Blockbuster chains are expected to be followed by industry sector statistics and band government policies.
This announcement may go some way towards stemming the negative tide against the blockchain industry in one of the world’s leading countries for crypto trade. Recent high-profile hacks have caused trading volumes to dip, which has been exacerbated by an overall market on a bullish run. But there is also an ongoing project to establish a potential cashless society in the next few years, which may well also help South Korea to even things out once more.