(1) Reasons for Proposal

The current Act previously excluded five business types related to amusement or gambling, such as general amusement drinking places, management and operation businesses of other gambling facilities, etc., from the category of venture business. However, there have been overheated speculation over the sales and brokerage of cryptocurrencies and illegal acts such as fund-raising without permission, money laundering, hacking, etc., so that this Amendment aims to exclude the sales and brokerage of cryptocurrencies from venture business, thereby facilitating reorganization of Korean industries and improving their competitiveness.

(2) Major Provisions

Include ‘sales and brokerage of encryption property based on blockchain (63999-1)’ according to the Standard Industrial Classification of Statistics Korea to the list of business types excluded from venture business