South Korean Government To Exclude Sale, Brokerage Of Digital Assets From Venture Business

South Korean bureau minister have agreed to prohibit digital assets trading organizations from venture business order, Business Korea reported September 27.

Back in August, the nation’s Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) had just prohibited cryptocurrency exchanges from enactment overseeing venture organizations, Cointelegraph revealed.

During the ongoing bureau meeting held under the Prime Minister Lee Nak-Yeon presidency, the legislature reexamined the “Enforcement Decree of the Act on Special Measures for the Promotion of Venture Businesses” to bar all deal and digital assets based in light of blockchain innovation from venture business order.

The new correction is a higher administrative advance working off of the August choice. As per Business Korea, the objective of the demonstration’s modification is “to strengthen the cooperation of related institutions” to shield nationals from the illicit activities related to the advanced resources business.

Business Korea includes that the administration expressed in reference to its choice:

“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.”

In the meantime, the Ministry of Science and Information Communications Technology (MSICT) had promised a support a week ago for the domestic blockchain industry in order to encourage innovative development.