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.