Bitcoin Global News (BGN)
July 6, 2018 -- ADVFN Crypto NewsWire -- By the end of July, South
Korea might have jumped ahead of the United States in a big
way.
According to a report by Cointelegraph, which
was generated from an original article by BChain, three South Korean
governmental departments are working on a new regulatory framework
for the Blockchain space that aims to legitimize it.
In truth, this appears to mean that
they aim to legitimize it enough to easily regulate it just as
governments regulate any other existing industry.
Even so, how they plan to structure
such a framework is actually quite telling, especially for
countries like the United States, which have cited the difficulty of
classifying the space to promote regulation.
To begin, areas of the industry
that will be covered include: blockchain systems construction,
decentralized applications development, and cryptocurrency
exchanges and transactions, according to Cointelegraph.
How it defines online
cryptocurrency exchanges is particularly telling.
Reportedly, the latest version of
the report that will contain the future framework calls
cryptocurrency exchanges crypto asset exchanges and brokerages.
According to an article by Hacked, this means that they
can easily be defined as regulated institutions because the terms
that are used serve as a guide for how to treat them in the
financial space.
In essence, this definition means
that regulators should look over cryptocurrency exchanges in the
same way as they do traditional asset exchanges and brokerages,
except they should also keep in mind that what these institutions
trade is crypto-assets.
In this way as well, instead of
branding them as cryptocurrencies, which have never been regulated
before, this report has branded them as simply a new asset
class.
Overarching all of this is the
apparent fact that South Korea, up to this point, has not done any
sort of large-scale, statistical survey of the Blockchain sector.
The entire report will be statistically driven and will apparently
cover three major parts of the industry with ten sub-categories as
well.
Included in this is the integration
of Blockchain systems into traditional industries like the security
industries, the financial industry, the insurance industry, and the
medical services industry.
While Cointelegraph posits that
these efforts have largely been spurred on by recent hacks in the space,
one can only hope that part of the motivation is because of the
success of legitimate Blockchain projects, globally.
If the United States could follow
South Korea’s example, then we just might see a calmer response to
the Blockchain’s rise than we are seeing now, in connection with
clear tax laws on the subject.
By: BGN Editorial Staff
News:
Blockchain
Cryptocurrencies
Cryptocurrency
Exchanges
South Korea Cryptocurrency
Regulation