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South Korea’s Ministry of Science and ICT still groups virtual asset, or digital asset, companies in the same category as nightlife and gambling-related businesses and therefore does not recognize affiliated research institutes tied to the sector, Digital Asset reported.
Documents lawmaker Hwang Jung-a of the ruling Democratic Party obtained from the ministry and released on Sept. 23 showed the ministry classifies blockchain-based digital asset trading and brokerage as an industry excluded from eligibility for corporate-affiliated research institute recognition. The documents also showed the ministry has not revised rules treating the sector as part of the nightlife and gambling category even after lawmakers raised the issue.
According to materials the ministry submitted to Hwang, the ministry said in March it would complete, within the first half of the year, a revision to the enforcement decree that would make blockchain-based digital asset trading and brokerage eligible for such recognition. But the decree was not revised within the first half, and Hwang said the ministry later changed its position and said it would amend the decree within the year.