The Cabinet of Ministers of South Korea decided to legislatively remove the companies related to the digital assets trading from the category of venture business. This is reported by Cointelegraph with reference to local media.
The goal of the initiative is to "strengthen cooperation between institutions" and protect citizens from "illegal activities" associated with digital assets.
"The recorded incidents of money laundering and hacker threats related to the sale of digital assets and operations on the detachment force us to create a definition for this business sector. It will be separated from venture enterprises and withdrawn from the relevant regulatory framework, "the local media explain the decision of the South Korean government.
In August of this year, the Administration of Small and Medium Business of the Republic of Korea has already excluded the exchange of crypto currency from the legislation regulating venture companies. The new amendment was the next legislative initiative based on the decision taken in the summer.
Earlier, BlockchainJournal reported on the possible recognition of the crypto-currency market of South Korea as a separate industry.
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