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Korean Government decided to ease Crypto Rules
Editorial Team

The South Korean government on September 27 organized a meeting for the cabinet persons where issues related to brokerage and sale of digital assets were discussed. Furthermore, the meeting topic included the reasons why it should not be involved as a section of business enterprises.

According to the publication from thecryptoupdates.com, the meeting was convened under Lee Nak-yeon, the Prime Minister and in the session, votes were cast for making changes in the Enforcement Decree Act with regards the business venture promotions.

According to the published report, the crypto-involved and Blockchain-involved business ventures show grow of activities which are not legal and includes hacking, overheating, money laundering and blockage problems. The decision was taken by the government that there will be a sector altogether different from other business venture firms which will have cryptocurrency trading and businesses related to digital assets and brokerages.

In the meeting, the government took a take on incorporating the plans discussed in the G-20 summit and accordingly eases the rules and regulations about the crypto industry.

In the G-20 summit, cryptos are categorized as financial instruments which were earlier declared as a non-financial product by the government of South Korea due to the unpredictable and highly volatile nature of these.

According to the publication, new ways and protocols being found and made to regulate and monitor the cryptocurrency network by the Korean Financial Intelligence Unit. After the hacking processed by the crypto exchange in the country named Conrail of around $33 million, made the government to enforce a new set of rules and regulations for the financial enterprises

However, in the country, the third generation of Blockchain-based platform known as “Orbs” is getting attention. This platform is supposed to be built on the potency of the Ethereum.

According to the report, the competition amongst Blockchain trading sector for the third generation platforms has already here. These platforms are equipped with third generation technology ready to eliminate current inefficiencies of existing Ethereum platforms in the market. Orbs claim to focus on problems like sluggish data processing speed and the commission fee charges on every transaction.

 

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