South Korea Snubs Crypto Exchanges, Draws Criticism From Local Blockchain Associations

The decision of the South Korean MSS not to classify cryptocurrency exchanges as venture enterprises didn’t resonate well with the local crypto community

Wed, 15/08/2018 - 17:50

South Korea Snubs Crypto Exchanges, Draws Criticism From Local Blockchain Associations

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The decision of the South Korean MSS not to classify cryptocurrency exchanges as venture enterprises didn’t resonate well with the local crypto community as Blockchain associations feverishly object the plan.
The government basically puts exchanges in the same league with nightclubs if the aforementioned legislation gets implemented. According the Korea Blockchain Association, that would create hurdles for utilizing the innovative Blockchain technology. On top of that, it would strip crypto exchanges of the existing tax perks.

The controversial proposal will be under review until Sept. 4.

#Cryptocurrency exchange

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.