South Korea will not include Cryptocurrency Exchanges from Classification of Venture Enterprises

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The government of South Korea announced that it will not include cryptocurrency exchanges from classification of venture enterprises. The government declared in an official statement that it will avoid all digital cryptocurrency exchanges from legislation governing venture businesses in a press release issued Monday, August 13.

The Ministry of Small and Medium Enterprises (SMEs)and Startups [MSS] explained that it would now place exchanges alongside bars and nightclubs as businesses that it would “not encourage as a venture enterprise.”

See Also : British Virgin Islands Becomes The Worlds Second Largest Cryptocurrency Market

“The Small and Medium Venture Business Department [of the MSS] has no intention to regulate cryptocurrency trading and disclosures (ICOs), but as problems such as speculation emerge, cryptocurrency exchanges are not a target for the government to encourage as a venture enterprise.”

The MSS added, “[w]e will also foster blockchain technology and related companies at the government level.”

South Korea proceeds with its serious reshaping of the regulations scene around cryptocurrency, having started the year with a violent period which touched off public interest. 

Presently, the nation’s crypto exchanges face strict banking and tax collection commitments, while experts keep on monitoring the business in a way like the oversight in Japan. 

In the meantime, blockchain innovation has turned into a long haul center for investment, the government this week revealing the region would shape one of eight it had singled out for real spending in 2019 of 5 trillion won (about $4.4 billion).

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