South Korea
Digital Asset
Ministry of Science and ICT Classifies Crypto Industry Alongside Entertainment and Casino Businesses
- Rep. Hwang Jung-a (Democratic Party) released data obtained from the Ministry of Science and ICT (MSIT) on September 23.
- MSIT designates 'blockchain-based digital asset trading and brokerage' as an industry excluded from corporate-affiliated research institute recognition.
- The exclusion stems from classifying digital asset trading/brokerage in the same category as 'entertainment and gambling' businesses like gambling facility management and operation, despite the sector's reliance on advanced technology for transactions, custody, security, and fraud detection.