South Korea has taken another step towards the legitimization of cryptocurrency with the announcement of a new regulatory initiative that will see blockchain platforms and businesses governed by a new classification system. The new system officially recognizes cryptocurrency exchanges as legal entities, marking the first time the South Korean government has acknowledged exchanges as an industry.
First reported by South Korean crypto news platform The BChain, the new classification system will consider crypto exchanges as “asset exchange and brokerage,” while Blockchain platforms and networks such as Ethereum will be classified as “Blockchain-based software supply and development businesses.”
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