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South Korea to introduce classification system for domestic blockchain industry
The South Korean government is going to announce this month a classification system for the domestic blockchain industry, CoinTelegraph reported referring to a report from local news outlet The BChain.
The National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication started working on the classification standards last month. In April, the government had launched a preliminary investigation and in consultation with relevant ministries, it decided to introduce a classification system.
The initiative is drawing inputs from more than 160 institutions, which includes over 40 government ministries and 17 regional municipalities.
The system is expected to include categories such as blockchain systems, decentralized applications (DApps) development, and cryptocurrency exchanges and transactions, among others.
The BChain quoted a government official stating “We are considering a plan to release the standard later this month. It is difficult to tell about the details." (loosely translated)
The government has classified the blockchain-based industrial activities into three broad categories, which have been further subdivided into 10 categories under the guidance of the Korean Standard Industrial Classification (KSIC). These subdivisions focus on blockchain-powered infrastructure for DApps such as EOS, Ethereum and NEO, blockchain-based cloud computing services, and cryptocurrency mining, among others.
Furthermore, the government is also taking into account the integration of blockchain systems into various industries, such as finance, supply chain management, healthcare, software development, copyright management, insurance, and others.
Last month, reports suggested that the Ministry of Science and ICT was planning to raise 230 billion won ($207 million) by 2022, which would be allocated to around 10,000 blockchain experts and 100 companies, as well as to foster the advancement and commercialization of six blockchain startups supported by the ministry.