Cryptocurrency and ICO news 06.07.2018

South Korea releases official classification for crypto industry

South Korea’s government officially recognized for the first time the crypto industry, releasing a classification of its elements, while at the same time its financial watchdog is about to ease the regulation on the blockchain.

The move matches the intention of G20 countries to unify their regulations.

Local media reported that South Korea’s government had released a new classification system for the crypto and blockchain industry, defining ten categories, including blockchain system, decentralized application, and cryptocurrency exchange. Now the government officially recognizes crypto exchanges as “cryptocurrency exchanges and brokerages”.

The National Assembly, South Korea’s parliament, has come up with a plan to lift the ban on initial coin offerings (ICO), according to Rep. Hong Eui-rak of the Democratic Party.

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