The Government of South Korea on the 27th of September organized a meeting for cabinet persons where they discussed the issues related to the brokerage and sale of digital assets (crypto). Their other agenda of the meeting was to find out the reasons why it should not be involved as a section of business enterprises.
The meeting was convened under Lee Nak-yeon, the Prime Minister and in the session, votes were cast for making changes in the Enforcement Decree Act which regards the business venture promotions.
Per the report published, the business ventures which involves crypto-trading and blockchain as a part of it or entirely based on such business like digital/crypto brokerage businesses shows growth of activities which are not legal and includes hacking, overheating, money laundering and blockage problems. The decision was taken by the government that there will be a sector altogether different from other business venture firms which will have cryptocurrency trading and businesses related to digital assets and brokerages.
In the meeting, the government took a take on incorporating the plans discussed in the G-20 summit and accordingly ease the rules and regulations about the crypto industry. In the G-20 summit, the cryptocurrencies are categorized as financial instruments which were earlier declared as a non-financial product by the government of South Korea due to the unpredictable and highly volatile nature of these virtual assets. The makers and the regulators of the policies in South Korea are now welcoming in the cryptocurrencies as financial products.
Even within this uncertain market for crypto in South Korea, a third generation blockchain-based platform known as ‘Orbs’ is getting massive attention these days. This platform is supposed to be built on upon Ethereum.
In the report, it was mentioned further that the competition amongst the blockchain trading sector for the third-generation platforms was already on its way. These platforms are well equipped with third generation technology to solve the issues faced by the Ethereum platforms already in the market. Orbs claim to focus on the problems like sluggish data processing speed and the commission fee charges on every transaction. After Bitcoin, the second generation of these platforms was started, and now it is time to get into the next generation of the same.