Breakthrough: South Korea Will Officially Legalize Cryptocurrency and Blockchain-Based Industries

[enrique11]

https://dailyhodl.com/2018/07/05/breakthrough-south-korea-will-officially-legalize-cryptocurrency-and-blockchain-based-industries/

Quote

The South Korean media outlet TheBchain reports cryptocurrency exchanges will soon be categorized as “cryptoasset exchanges and brokerages.” It’s part of an overall effort by the government to implement a new classification system for all blockchain-related industries.

Cryptocurrency and blockchain platforms like Ethereum will be classified as “Blockchain-based software supply and development businesses.”

 

The government is expected to release full details on the new system later this month.

This follows news from the Korea Financial Intelligence Unit that it will regulate cryptocurrency exchanges like banks, and enforce strong know-your-customer (KYC) and anti-money laundering (AML) policies.

 

[FUD]

Interesting 

[crypto2libertas]

excellent

[enrique11]

I wouldn't be surprised if the global crypto market shows a significant gain from this particular news.

[enrique11]

Another article on this event that goes into more details: https://cryptoslate.com/south-korea-recognizes-crypto-exchanges-with-launch-of-blockchain-classification-system/

[Guest]

And another... 

https://toshitimes.com/all-12-south-korean-cryptocurrency-exchanges-approved-new-money-to-come/

I don't know if I share the sentiment that this will result in "new money to come" but it does mean much of the legality of the exchanges is hashed out. 

And another article, not from a crypto site. Gives greater detail about the process and some shortcomings. It ain't all roses! 

http://m.koreaherald.com/view.php?ud=20180711000695

Edited July 15, 2018 by Guest