Published on July 5th, 2018 | by bitcoin0
South Korea legitimizes Blackheine business with major new classification standards
The South Korean government is drafting major new industry classification standards for the domestic blockchain industry, local crypto news outlet The BChain reports Thursday, July 5.
The scheme will reportedly serve as a basis for policy making, notably aimed towards “blockchain promotion and regulatory frameworks,” and covers areas including blockchain systems construction, decentralized applications (DApps) development, and cryptocurrency exchanges and transactions.
BChain reports that the move is “the first time” the Korean government has recognized the emerging sector as a legitimate industry.
The government has subdivided its industry classification scheme into three sectors, with ten further subdivisions under the guidance of the Korean Standard Industrial Classification (KSIC).
Today’s news comes at a pivotal time for the South Korean crypto sphere.