In a historic meeting headed by the South Korean Prime Minister Lee Nak-Yeon, the country passed new amendments that regulate cryptocurrency trading and conducted a discussion regarding digital assets trading.

A report released in connection to the meeting stated that

“business ventures which involve crypto-trading and blockchain as a part of it or entirely based on such business like digital/crypto brokerage businesses show growth of activities which are not legal and includes hacking, overheating, money laundering and blockage problems”.

The conclusion derived in the convention was that crypto and digital asset trading is to be a different sector as opposed to conventional trading firms.

In the recent G-20 Summit, cryptocurrencies, which were earlier considered as a non-financial product by the South Korean government were classified as financial instruments. This has led to lawmakers in the country accepting them as same.

Of late, despite the not-so-stable nature of the South Korean crypto market, a third generation blockchain based platform built on Ethereum, known as ‘Orbs’ is gaining popularity in the country. The firm is said to focus on issues such as “sluggish data processing speed and the commission fee charges on every transaction.”

Such acceptance of blockchain-based technology by governmental organizations has paved way for the rise of third generation startups aiming to revolutionize the scenario.

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