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

  • Alex Dovbnya
    📰 News

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


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 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.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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