Government of South Korea Drafts Classifications On Blockchain Industry

Since April, several agencies, namely the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication have reportedly been operating on the classifications system and desire to provide a final draft by the end of this month. Ideas and suggestions from more than 160 institutions were also considered for this effort.

As of the recognition of the South Korean government on the cryptocurrency and blockchain technology space as a viable industry in need of classification is a major contribution to its legitimization in the country.

In their intention to offer a foundation for creating policies to regulate blockchain technology, the new structure breaks down the industry into three categories and ten sub-categories supporting the guidance of the Korean Standard Industrial Classification (KSIC). The subdivisions involve detailed considerations of blockchain-powered infrastructure for DApps such as EOS, Ethereum and NEO, blockchain-based cloud computing services, and cryptocurrency mining.

South Korea’s compliance to see cryptocurrency and blockchain technology as a viable industry has also been evidenced by the government’s desire to establish a crypto campus as well as the construction of blockchain-focused educations hubs to combat the growing unemployment rate among young adults living in the nation.

Hayden P.

A blockchain and cryptocurrency enthusiast

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