South Korea plans to create their own “Cryptocurrency valley”

South Korea plans to create their own “Cryptocurrency valley”

South Korea announced plans to create a blockchain center in Busan, built on the model of the Swiss Cryptocoryne.

At a recent blockchain conference in Seoul “2018 Global Blockchain Conference” the Chairman of the Korean Association of financial convergence About Jung-kung said the intent of the organization to build the equivalent of “Cryptocoryne” located in Switzerland.

“We need a place to focus on a cryptographic industry in South Korea” — said About the event.

The Association plans to launch a “Crypto Beach” (CRYPTOPSY) at Hyundai beach, Busan. Located in the Eastern part of Busan, Hyundai — rich waterfront community, which every summer attracts thousands of tourists. In recent decades, the area was classified by the government as a center of commercial development. It is reported that the Association plans to discuss the project with the authorities of Busan on August 30.

About Jung-kung said the fact that the current government ban, many South Korean companies are forced to ICO abroad. The Chairman expressed his concern at the lack of understanding new technology and its benefits with the local authorities.

In September 2017 the South Korean financial regulator announced a ban on the activities of the ICO, saying that they should be strictly monitored. It seems that the government realized losses associated with the ban on the practice of the ICO, such as the diversion of talent and investment abroad, as reported to regulators in South Korea are working on legislation, the purpose of which is the removal of the current ban on ICO.

Switzerland, whose experience seeks to emulate South Korea, is the most cryptocurrency-friendly country in the world. The Swiss Cryptocoryne supported by the state, was launched in March 2017 to support the development of technology and business related bloccano and cryptocurrencies.

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