South Korea has new blockchain industry standards

Image for post
Image for post

The South Korean government is drafting major new industry classification standards for the local market according to reports published on 5th July from local crypto media outlet, The BChain.

Three Korean government ministries — the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication — have been working since the end of June to produce the final draft of a new blockchain industry classificatory scheme, which it is hoped will be published by the end of July.

The classification standards will apparently serve as a foundation for policy making in the area of “blockchain promotion and regulatory frameworks.” Effectively it should cover DApps and cryptocurrency exchanges/transations. For example, the draft defines cryptocurrency exchanges as “crypto asset exchange and brokerages.” This is an important move away from Soth Korea’s previous classification of them as “communication vendors” to one that “recognizes crypto exchanges as regulated financial institutions,” as reported by Hacked.

This all points to South Korea seeing the emerging blockchain industry as a legitimate one. So far, it has consulted with over 160 institutions to compile a statistical overview of the sector. The survey is also looking at blockchain systems integration into existing industries, including the financial sector, security, insurance, copyright management, supply chain management, medical services, and software development, says Cointelegraph.

It is likely that the new classifications will be based on the Korean Standard Industrial Classification (KSIC) to some extent, and that there will be three sectors with 10 subdivisions.

This announcement has come at an important time for South Korea, considering that there have been some significant exchange hacks and rumours that the blanket ban on domestic ICOs may be lifted.

Written by

A blockchain platform that will take banking to another level

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store