The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Tue, July 5, 2022 | 07:11
Crypto exchanges protest exclusion from venture firms list
Posted : 2018-08-16 01:48
Updated : 2018-08-16 18:11
Print Preview
Font Size Up
Font Size Down
Virtual coin investors watch a display board at the Bithumb crypto exchange in Seoul. / Yonhap
Virtual coin investors watch a display board at the Bithumb crypto exchange in Seoul. / Yonhap

By Jhoo Dong-chan

The government's decision to exclude the nation's crypto exchanges from its classification list of venture firms is provoking an industry outcry.

Blockchain industry lobby groups, including the Korea Blockchain Association, Korea Blockchain Industry Promotion Association and Korea Blockchain Startup Association, expressed their concerns about the government's decision.

"The measure will discourage the industry as a whole," they said in their joint press release.

The statement came in response to a revised bill released by the Ministry of SMEs and Startups excluding businesses trading or brokering cryptocurrencies from the list of ministry-designed ventures and startups.

The list excludes only a few types of businesses such as public amusement and drinking establishments as well as gambling businesses.

"Blockchain-based virtual currency trading will soon get treated just like gambling and alcohol businesses," the lobby groups said in the press release.

"If the revision is legislated in the National Assembly, a number of blockchain firms won't be eligible for various tax benefits. It will discourage their investment and R&D. They will eventually move their base to foreign countries."

Following the announcement, the price of the world's most widely used virtual coin bitcoin dropped 7.3 percent to $6,018.5 Tuesday from the day before, according to investing.com. It then recovered about 4 percent to $6,294 as of 2:30 p.m. Wednesday.

"It will be a huge loss if the government excludes the blockchain industry from its economic policy," said Alex Park, marketing manager of blockchain firm FANTOM Foundation.

"Korea can be an ideal incubator to promote cryptocurrency and blockchain-related industries. High-speed internet infrastructure is already here, unparalleled to any other country in the world. And the Korean people are very adoptive of technology. Now it is the government's role to establish a favorable environment for virtual coins and their blockchains. However, if the government imposes more regulations instead of helping them, firms will move their bases abroad to find a better business environment."

Contrary to the ministry's stance, the Financial Services Commission (FSC) said last month it will establish a department exclusively for policymaking initiatives in the nation's blockchain industry.

As part of its restructuring plan to lead financial innovation in the coming Fourth Industrial Revolution era, the FSC has decided to establish the Financial Innovation Bureau. The decision was made during the top financial regulator's cabinet meeting with the Ministry of the Interior and Safety.




Emailjhoo@ktimes.com Article ListMore articles by this reporter
 
LG
  • Typhoon Aere forecast to bring extended heatwave
  • [ANALYSIS] Korean exporters start rethinking 'China strategy'
  • Banks favor 'MZ generation' celebrities for marketing in digital era
  • 'Korea, Japan should restore visa waiver program'
  • [INTERVIEW] 'Repatriation puts fear in eyes of all North Koreans,' rights expert says
  • Pakistan unveils Buddhist heritage in documentary
  • KT drama 'Extraordinary Attorney Woo' popular on Netflix
  • Georgian wine ready to captivate Korean market
  • 'Global firms look to Korea for inspiration and trends': Kantar CCO
  • Photo of Yoon staring at blank computer screen raises eyebrows
  • Moon Geun-young to make directorial film debut at BIFAN Moon Geun-young to make directorial film debut at BIFAN
  • Lee Jung-hyun returns to big screen after becoming a mom Lee Jung-hyun returns to big screen after becoming a mom
  • BLACKPINK's 'Ddu-du Ddu-du' sets YouTube views record for K-pop group BLACKPINK's 'Ddu-du Ddu-du' sets YouTube views record for K-pop group
  • [INTERVIEW] How Frank Wildhorn became most popular musical composer in Korea [INTERVIEW] How Frank Wildhorn became most popular musical composer in Korea
  • Maroon 5's world tour image with Rising Sun design causes stir Maroon 5's world tour image with Rising Sun design causes stir
DARKROOM
  • Afghanistan earthquake killed more than 1,000

    Afghanistan earthquake killed more than 1,000

  • Divided America reacts to overturn of Roe vs. Wade

    Divided America reacts to overturn of Roe vs. Wade

  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group