The framework will consider cryptocurrency exchanges as crypto asset exchange and brokerage, an important redefinition that “recognises crypto exchanges as regulated financial institutions,” instead of their previous classification as “communication vendors.”
The final draft is expected to be ready by the end of July, according to the three Korean ministries working on the document: the National Statistical Office, Ministry of Science and Technology, and the Ministry of Information and Communication.
The move will reportedly be the foundation for policy making aimed at “blockchain promotion and regulatory framework.” It also includes blockchain systems construction, decentralised applications (DApps) development, and cryptocurrency exchanges and transactions.
South Korea is not alone when it comes to regulating the crypto space, as Japan is also working on implementing strict rules and policies to provide security to investors.
Singapore, Singapore, 19th September 2024, Chainwire
Grand Cayman, Cayman Islands, 12th September 2024, Chainwire
Warsaw, Poland, 20th August 2024, Chainwire
Singapore, Singapore, 20th August 2024, Chainwire
Grand Cayman, Cayman Islands, 26th July 2024, Chainwire
As usual, the crypto market is keeping everyone guessing what could happen next. After an…