South Korean government starts blockchain classification system recognizing crypto exchanges as industry

posted 11 days ago
The South Korean government has announced the start of an industrial classification system that covers blockchain related industries.

This is the first time to government has actually recognized crypto exchanges as an industry.

In the announcement, crypto exchanges are described as 'asset exchange and brokerage'.

Blockchain platforms are classified by the government as 'blockchain based system software development and supply businesses'.

The blockchain classification system will be divided in several subdivisions. One subdivision for example is 'blockchain-based system software development and supply'.

There will also be a category for the development and supply of mobile game softwares based on blockchain technology, as well as a subdivision for exchanges and blockchain cloud hosting services, such as Amazon Web Services and Microsoft Azure.

In total, there will be three main categories and ten subcategories.
Tags: blockchain, bitcoin, news