South Korea steps up new blockchain classifications

July 05, 2018
Chris Wheal

South Korean Bchain has reported that the South Korean government is looking hard at new blockchain classifications. If proved accurate it will add weight to a further legitimisation of the cryptoasset class. 

The South Korean government is drafting classification standards for the domestic blockchain market; credit: Shutterstock

It’s thought the move involves more than 150 government institutions and will scrutinise integration of blockchain systems across health services, security, insurance as well as South Korea’s financial sector. 

The classification system will be sub-divided with a ‘blockchain-based system software development and supply’ division which will likely classify Ethereum, NEO and EOS.

Wide scope

Three Korean ministries including the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication, are thought to have been working on a draft since the end of June.

Recently the South Koreans unveiled new cryptocurrency trading regulations backed by the Financial Services Commission which beefed up money laundering protection standards aimed at crypto-exchanges. 

In the last week of June the Abu Dhabi Global Markets issued crypto regulatory guidelines which addressed money laundering, consumer protection and tech governance. 

A changing of the guard for South Korean crypto standards? Credit: Shutterstock

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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