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Just announced today, South Korea has officially announced that they will recognize cryptocurrency exchanges. The move allows more investors in Korea to have great assurances that their investments in the space will be viewed as legitimate in the eyes of the South Korean government. In the previous view of the government, these assets were viewed as communications vendors. Now blockchain projects will be known as blockchain development businesses. The South Korean government’s statement indicates that they will be announcing more details on the subdivisions these assets will be divided into within the month. The government still maintains their ban on ICO cryptocurrency projects. The South Korean government plans to move into this space with the goal of keeping their citizens as safe as possible from the scam projects that abound in today’s environment.
This move by the South Korean government is in line with various other nations around the world that are taking moves in the coming months to take a look at cryptocurrency and instilling some regulations over the space. This will allow more funds to move into the space and go could a long way to stabilizing a very trying time in the market. South Koreans are typically on the cutting edge of technology and have up to this point have had difficulty in moving into this space due to the governments flip flopping on the topic. The announcement today is great for cryptocurrency projects across the globe.