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Crypto industry gets official status in South Korea

The crypto industry gets official status in South Korea, by means of a classification of various crypto elements. The country’s financial watchdog is also about to relax regulation on blockchain concepts. South Korean banks also appear to hold nearly 2 billion dollars in cryptocurrencies.

Classification

The South Korean government now defines ten categories, including the blockchain system, decentralized applications and crypto exchanges. Details of the new classification will be published later this month.

The central bank of South Korea also announced that local commercial banks held $ 1.79 billion in cryptocurrencies in December.

The central bank said: “The amount of crypto-asset investment is not really big, compared to other equity markets, and local financial institutions.” Exposure to possible risks or digital assets is insignificant. Against this backdrop, we expect crypto-assets to have a limited impact on the South Korean financial market ”

Compared to the sum of all institutional investments, the cryptocurrencies represented 8 percent of the roughly $ 23 billion managed by brokers in South Korea, according to Yonhap News. It is the only country in the world that publishes this kind of figures. At the moment, local statistics show that approximately 13 to 20 percent of South Koreans possess cryptocurrencies in one way or another.

Switzerland

Technologically advanced countries, such as South Korea, must remain involved in order to continue making progress. Samsung has recently become a member of the Ethereum Enterprise Alliance, another positive sign from the Asian country.

Furthermore, positive news from Switzerland, where established crypto companies will most likely get access to regular banking services this year. Swiss banks have so far refused accounts to companies in the growing crypto industry, but political will seems to be present to tackle that problem.

Policy makers and financiers work closely together. One of them is Heinz Tännler, financial director of the canton of Zug, home of the Swiss Crypto Valley, where Bitcoin Magazine Nederland also walked around last week during the TechCrunch blockchain event.

In an interview with the Financial Times, Tännler said he expects Swiss politicians and policymakers to remove obstacles in the coming months, so that cryptic companies based in the country – like all other companies – can use regular banking services.


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