South Korea May Launch Dedicated Cryptocurrency Zone for Companies
After technology parks and silicon valleys, major cities around the world are building dedicated cryptocurrency and blockchain technology zones to propel the sector’s development. The latest to join the fray is South Korea.
South Korea’s Blockchain Push
According to a report in local news Edaily from June 14, 2018, South Korea intends to launch a blockchain center in Busan city to incubate companies and projects working in the sector. Modeled as “Crypto Beach,” the development is reportedly inspired by Switzerland’s “Crypto Valley” in Zug.
Oh Jung-geun, chairman of the Korea ICT Financial Convergence Association, revealed the country’s plans at the Global Blockchain Conference 2018 in Seoul: “I need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland. I looked around the state of Jukkas at the institute and made a crypto beach in Haeundae. We are planning a conference event to discuss with the Busan city.” Jung-geun stated his concerns about the government’s lack of understanding of the cryptocurrency industry and blockchain technology, adding that Korean companies must issue tokens abroad due to current legislation.
The Crypto Beach will be launched at Busan’s Haeundae beach, an affluent location and tourist attraction, which is additionally classified as a commercial development center. As stated at the conference, the Association plans to discuss the project with Busan authorities on August 30, 2018...
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