What’s the Plan, Busan? South Korea Introduces “Regulation-Free Blockchain Zone”
The government of South Korea has given its approval for the city of Busan to be designated as a “regulation-free blockchain zone.” It comes after Busan was selected as the preferred bidder for the designation by the Korean Ministry of Startups and SMEs in April of this year.
Reports in the western crypto press have highlighted a statement by South Korean President Moon Jae-In, who stressed the need for “regulatory innovation” of blockchain technology. Moon also called it it “a matter of survival.”
However, local news outlets pointed out that the latest development doesn’t appear to create any exemptions to the existing ICO ban in South Korea. Furthermore, the only form of cryptocurrency that seems likely to be recognized by Korean law is a regional stablecoin developed in collaboration with a local subsidiary of BNK Financial Group.
An anonymous blockchain expert told Korean publication The Investor that the lack of exceptions for cryptocurrencies would have limited appeal to blockchain startups. Nevertheless, the news about the regulation-free zone represents a significant step forward for the acceptance and adoption of blockchain technology at a governmental level.
If you are curious about how Busan’s regulation- free blockchain zone work, please click the link below to find out more:
Source: cryptobriefing.com
