In a recent news story, South Korean cabinet ministers have acquired to prevent digital assets trading companies from venture business classification as reported by Business Korea on 27th September.
In August this year, the country’s Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) had acquired to prevent cryptocurrency exchanges from legislation exercising venture businesses as reported by Cointelegraph.
In the recent cabinet meeting held under the Prime Minister Lee Nak-Yeon leadership, the government revised the “Enforcement Decree of the Act on Special Measures for the Promotion of Venture Businesses” to prevent all brokerage and sale of digital assets run on blockchain technology from the classification of the venture business.
The new revised act is a higher legislative step elaborating more of the decision taken in August this year. Further speaking to the matter, Business Korea states that the goal of the act’s amendment is “to strengthen the cooperation of related institutions” to secure citizens from the “illegal activities” pertaining to the digital assets business.
Amid this, Business Korea elaborates the government’s statement in reference to its decision: “Money laundering and hacking related to blockchain-based digital asset trading and brokerage business are occurring, we will set it as a business sector not [to be] included in the venture enterprise and form a sound industrial ecosystem.”
Besides this, recently the Ministry of Science and Information Communications Technology (MSICT) had sworn to assist the domestic blockchain industry in order to facilitate technological growth. Let us not forget that the blockchain technology has tremendous benefits in place, it’s up to you as to how you can utilize the new age tech transparently!!