Blockchain Classification System To Be Introduced In South Korea

Blockchain, News, Regulation | July 6, 2018 By:

The South Korean government is drafting new industry classification standards for the local blockchain and crypto industry.

According to local news outlet The BChain, three government ministries, the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication, started working last month to produce the final draft of a new blockchain industry classificatory scheme by the end of this month.

The classification system, which will reportedly serve as a basis for policy making, is expected to include categories such as blockchain systems, decentralized applications (DApps) development, and cryptocurrency exchanges and transactions, among others.

The draft defines cryptocurrency exchanges as “asset brokerages” and blockchain platforms, such as ethereum, are defined as “software development and supply businesses.” The redefinition is expected to take the crypto industry one step closer to becoming completely legitimized in South Korea.

Opinions and suggestions from 43 government ministries, 17 regional municipalities and more than 160 institutions were reportedly also considered for the initiative. The ministries, municipalities and institutions were also asked about their opinions on the integration of blockchain systems into various industries, including the financial sector, security, insurance, copyright management, supply chain management, medical services, and software development.

The news came after the Ministry of Science and ICT announced that it was planning to raise 230 billion won ($207M USD) by 2022 to fund its Blockchain Technology Development Strategy. The funds will be allocated to some 10,000 blockchain experts and 100 companies, as well as to foster the advancement and commercialization of six existing blockchain projects.