South Korea[1] has revealed plans to launch a blockchain[2] center in Busan city modeled on the Swiss[3] Crypto Valley[4], local news outlet Edaily[5] reported June 14.
At a recent blockchain event in Seoul “2018 Global Blockchain Conference,” chairman of the Korea ICT Financial Convergence Association Oh Jung-geun claimed that the organization seeks to build a space similar to the “Crypto Valley” located in the Swiss canton of Zug.
"We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland," Oh said at the event.
The association reportedly plans to launch the “Crypto Beach” space at Haeundae, Busan. Located[6] in eastern Busan, South Korea, Haeundae is an affluent beachfront community that attracts thousands of tourists each summer. The space has also been classified as a commercial development center by the government in recent decades. The Association reportedly plans to discuss the project with Busan authorities on Aug. 30.
Oh pointed out that many South Korean companies must launch initial coin offerings[7] (ICOs) overseas due to the government’s current ban on ICOs. Oh expressed concern about the lack of understanding of the new technology and its benefits by local authorities and their strict regulations.
In September 2017, South Korean financial authorities announced[8] a ban on ICOs, claiming they should be strictly controlled and monitored. The government has ostensibly realized the risks associated with banning the practice, such as displacement of talent and investment overseas, as South Korean lawmakers are reportedly working[9] on legislation that aims to lift the existing ban on ICOs.
As Cointelegraph reported[10] earlier, Switzerland is the most blockchain-friendly country in the
