South Korea plans to Start a Blockchain Center Modelled on Switzerland ‘Crypto Valley.’
On 14th June local news outlet Edaily reported, South Korea unveiled plans to start a blockchain center in Busan city modeled after Swiss Crypto Valley.
At a recent, blockchain event in Seoul “2018 Global Blockchain Conference,” Mr. Oh Jung-geun, chairman of the Korea ICT Financial Convergence Association asserted that the organization endeavors to build a space alike to the “Crypto Valley” located in the Swiss canton of Zug.
Oh Jung-geun stated at the event, “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland.”
The association reportedly intends, to start the “Crypto Beach” space at Haeundae, Busan. Located in eastern Busan, South Korea, Haeundae is a prosperous beachfront community that draws thousands of tourists each summer. Space has further been classified as a commercial development center by the government in recent decades. On 30th August, the association reportedly plans to discuss the project with Busan authorities.
Oh Jung-geun pointed out that many South Korean companies must start initial coin offerings (ICOs) overseas because of the government’s current ban on ICOs. Oh Jung-geun showed concern about lack of understanding of the new technology and its advantages by local officials and their strict regulations.
In September 2017, South Korea monetary authorities declared the ban on ICOs, asserting they should be strictly controlled and monitored. The government realized the risks linked with banning the practice, for example, displacement of talent and investment overseas, as South Korean lawmakers are reportedly working on legislation that aims to lift the existing ban on ICOs.