The South Korean Ministry sells the cryptocurrency trade from the Enterprise Venture classification


The South Korean government has announced that it has excluded the cryptocurrency trade from the legislation governing the venture companies in a press release issued on Monday, August 13

The brief document of the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) explained that, contrary to previous decisions, it now places trades in bars and nightclubs as an asset that it would not "encourage as a venture capital firm".

A rough translation of part of the press release explains: [19659004] "The department for small and medium-sized enterprises [of the MSS] has no intention of regulating trade and disclosures of cryptocurrencies (ICO), but when problems like speculation, cryptocurrency exchanges are not a goal to be encouraged for the government as a venture capital firm. "

The MSS added, "[w] and will also promote blockchain technology and related companies at the governmental level."

South Korea continues its intense review of the regulatory landscape around cryptocurrency, having begun the year with a turbulent period that has triggered public unrest.

Now the country's crypto trade is subject to stringent banking and tax obligations, while authorities continue to monitor the industry in a similar way to oversight in Japan.

At the same time, blockchain technology has become a long-term investment target, the government this week revealing the area would form one of eight that had identified for the largest budgetary expenditure in 2019 of 5 trillion won (about $ 4.4 billion).

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