South Korea is one step closer into legitimizing blockchain in the country. According to reports, the South Korean government has started drafting a number of new industry classification standards to govern the country’s blockchain sector.
On the road for unifying blockchainSpecifically, three Korean government ministries are working together to finalize the new blockchain industry’s classificatory scheme. The Ministry of Information and Communication, the Ministry of Science and Technology, and the National Statistical Office are expected to produce the final draft by the end of July 2018.The scheme will help provide the basis for making policies concerning “blockchain promotion and regulatory frameworks.” It will also cover areas such as cryptocurrency exchanges, transactions, decentralized applications (DApps) development, and blockchain systems construction. The draft will also classify cryptocurrency exchanges as crypto asset exchange and brokerage. This is very important as previously crypto exchanges were considered as “communication vendors.” Now, they can be considered as regulated financial institutions.
Easing blockchain regulationsThings are looking up for blockchain further as the South Korean government targets a more relaxed approach. Previously, the Financial Services Commission (FSC) imposed a ban on ICOs, as officials were worried about the adverse effects of cryptocurrencies, going as far as to say that cryptocurrencies might corrupt the nation’s youth.The FSC is considered the Korean regulatory authority overseeing blockchain policy. It is also the governing body of the Financial Supervisory Service (FSS), which has since reconsidered its cryptocurrency regulatory policy.”The FSC made revisions to its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because the regulator isn’t opposed to cryptocurrencies,” The Korea Times quoted an official.”Establishing unified rules is a complicated issue given the broader range of assessments between government agencies. This is why the country needs close international cooperation as it is still in the early stages of fine tuning guidelines,” claimed another official.That being said, South Korea is reportedly following the policies set by the G-20 nations, an international forum for governments and central bank governors. Top financial policymakers of G-20 member countries have agreed to recognize and regulate cryptocurrencies as financial assets. While South Korea has yet to do the same, its move to ease cryptocurrency regulations will likely become beneficial to other nations that are warming up to the blockchain industry, as major exchanges are now looking to expand further into international markets in plans to offer blockchain-based services in the Asian region.

If you are interested in getting more active and engaged within the blockchain era, it is time you became part of a supportive cryptocurrency community. But before you can do that, you definitely need to learn about the communities.

Bitcoin (BTC) Community

The pioneering blockchain asset was Bitcoin. Word has it that the creator of bitcoin still holds a million bitcoins that is not released into the crypto space. The community enjoys a big and loyal following of near die-hard supporters. They are experienced in both quantity and quality.It is said that the community harbors a countless number of highly skilled crypto influencers. The community remains one of the biggest networks within the crypto world.

Ethereum (ETH) Community

The community has got strong networks with notable investors. These investors continually fund its projects. It is featured by the Ethereum Community Fund, a brainchild of startups who work with the network. The community Fund has been noted to attract a huge following. The community funds projects that seek to establish infrastructure on the Ethereum network.The platform is flexible and capable of achieving several objectives, making it a preferred destination for developers.

Substratum (SUB) Community

The community’s main objective is to decentralize the internet. This aim has helped it earn a good number of followers. It intends to achieve decentralization of the internet by changing monopoly of the internet which has been there for ages. It does not use centralized servers.SUB is known to focus on the community as part of its fundamental vision.

Bytecoin (BCN)

Bytecoin is among the pioneer privacy coins. It existed before crypto was well known. Through the community’s efforts, successful creation of virtual currencies has been made possible through its forks. This has increased Bytecoin’s popularity. The community therefore supports the platform’s cause with great confidence.

Waves platform (WAVES)

WAVES is among platforms that seek to make the processes of token issuance and crowdfunding more affordable to the masses. Among its major goals is to revolutionize the fields of token issuance and crowdfunding.The community enjoys massive following from passionate developers and the community. Moreover, the Waves Community Token (WCT) improved the community’s engagement to the Waves team. The token enables the owner to rate fresh projects which join the platform to access future rewards.

Lisk (LSK)

The LSK is a decentralized project that enjoys the following of a strong community. The platform focuses on software development. Additionally, it focuses on real improvements of complaining about price dynamics.The platform utilizes a high level community participation in the governance of its structure. The platform is already gaining a lot from community participation.The culture of cryptocurrency is already gaining enthusiasm and acceptance with each passing year. Those who are interested in the activities of the blockchain era need to know more about the crypto space. In addition to these communities, there others such as Dogecoin, Monero, Nano, EOS and Ripple amongst others.The growth of cryptocurrency communities is motivated by Metcalfe’s law which states that: A network’s value increases in direct proportion to the number of participants in that network.

If we look at the most impactful development in recent times the first thing that comes to our minds without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a heyday by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.Setting an exchange is pretty easy. but you need to know a few basic things before you start your own exchange.Let us have a look at them -Do you have a target audience in mind?One of the most important things to consider before setting up any business platform is to figure out the target audience. Same is the case here.When you are planning to set up a bitcoin exchange platform, the first thing you need to analyze and figure out is the audience that you are going to target.For instance, in case of bitcoins, you can target both local as well as the global audience. So, you need to figure out which is your target audience and then plan with the development process. Why is this important? Well, you will get to know about it in the following sections.Do you understand the legal terms?The second thing you need to consider is the legal terms and conditions that you will need to follow.There is a huge hullabaloo about the legal aspects related to cryptocurrency, but you might be amazed to know that there are 96 countries where bitcoin transactions are still unrestricted.So, creating a cryptocurrency exchange platform while targeting these countries can prove to be the best idea.Don’t forget to always take a thorough look at the legal guidelines operational in the area from where you plan to carry out.Do you have a partner bank?Another thing to remember here is that you are going to need a partner bank. The simple reason behind this is that you are going to deal with financial transactions.In order to ensure that the financial transactions are carried out in a smooth and hassle-free manner, you need to ensure that you have the right support in the form of a partner bank.Therefore, you need to contact a few banking institutions to see if they can help you, and understand their terms and conditions.Do you have the right partner to develop the platform?The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the first target for hackers.To make sure that your reputation does not get hit due to something unwanted you need to focus on creating a secure platform. You can easily achieve this by hiring a seasoned developer who knows all the ins and outs of the industry.For instance, they can test the platform out by mimicking a malware attack and see how your cryptocurrency exchange platform stands against it.ConclusionThis last point sums up the basic things that you need to keep in the back of your mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have an answer to these questions, you can easily go ahead and get going with the development and make some profits.But, do remember to take all the necessary legal, compliance and security measures if you want to be in this game for for a long time.So, are you up for it?