Non-regulated zone for blockchain development in South Korea

by in Blockchain News

blockchain regulation in South Korea

The South Korean government has declared Busan (the second-largest city in South Korea) a “non-regulatory zone” for blockchain technologies' development. In particular, following the example of the Swiss Zug, Busan will open for a number of initiatives in the field of finance, public security, and tourism, thanks to which the region is expected to attract $25 million of investments by 2021.

To implement the project, more than a dozen different regulatory requirements were lifted, and to stimulate the participation of residents, it is planned to launch a cryptocurrency remuneration system. They will also be given access to the application, with the help of which it will be possible to transmit to the authorities confirmation of natural disasters and crimes committed.

Nevertheless, the authorities note that the initiative is not aimed at the wider distribution of cryptocurrencies when working with which start-ups will be connected by traditional practices. Also in Busan, there is no plan to lift the current ban on holding an ICO in the country, and there is no provision for free access by foreign startups.