South Korea Plans to Launch Blockchain Hub in Busan

South Korea Crypto Valley

Local news outfit Edaily reported that South Korea has unveiled plans to launch a blockchain center to be based in the city of Busan, and modeled after Switzerland’s Crypto Valley.

At the recently concluded blockchain event in Seoul called the “2018 Global Blockchain Conference,” Oh Jung-geun, the chairman of the Korea ICT Financial Convergence Association said that the organization aims to build a space similar to Crypto Valley, which is located in the Swiss canton of Zug.

Oh remarked at the event that “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland.”

The association seeks to launch their project, dubbed “Crypto Beach” at Haeundae, Busan. Haeundae is an upper-class beachfront community that attracts thousands of summer tourists each year. The space has also been classified as a commercial development center by the Korean government in recent years. The Association plans to start discussions with Busan authorities about the project on August 30.

Oh highlighted the fact that many South Korean companies have to launch their initial coin offerings (ICOs) overseas due to the current blanket ban on ICOs in the country. He expressed concern about the lack of understanding of the new technology and its benefits being displayed by the national government and their use of strict regulations.

In September of 2017, the South Korean financial authorities instituted a ban on ICOs, claiming that these should be strictly monitored and controlled. The government has since then realized the risk associated with the ban, such as the displacement of talent and investors to friendlier shores, as legislators are reportedly at work on a proposal that aims to lift the ban on ICOs.

Switzerland is currently the most blockchain-friendly country in the world. The Swiss Crypto Valley, a state-backed blockchain consortium was launched in March 2017 to help support the development of blockchain and cryptography related tech and businesses in the country. Just a week ago, the city of Zug announced that they will start trials of a blockchain-powered municipal voting platform this summer.

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