South Korea Issues Classifications For Cryptocurrency, Blockchain Industry

The government of South Korea is in the process of drafting new industry classifications centered around blockchain and cryptocurrency technology, according to a July 5 report by South Korean outlet The BChain.

Several agencies, including the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication, have reportedly been working on the classifications system since April and hope to provide a final draft by the end of this month. Opinions and suggestions from more than 160 institutions were also considered for this endeavor.

The fact that the South Korean government has officially recognized the cryptocurrency and blockchain technology space as a viable industry in need of classification speaks to its legitimization in the country.

Intended to provide a foundation for creating policies to regulate blockchain technology, the new structure breaks down the industry into three categories and ten sub-categories:

In this draft, cryptocurrency exchanges are defined as “asset brokerages” and blockchain platforms such as Ethereum are “software development and supply businesses.”

South Korea’s willingness to view cryptocurrency and blockchain technology as a viable industry has also been evidenced by the government’s desire to build a crypto campus (to rival Crypto Valley in Switzerland) as well as the construction of blockchain-focused educations hubs to combat the growing unemployment rate among young adults living in the nation.

Translations by Google.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

Like what you read? Follow us on X @Bitnewsbot to receive the latest South Korea, classification or other Ethereum world news.