South Korea to Develop ‘Crypto Beach’, Modelled After Switzerland’s ‘Crypto Valley’
A South Korean financial association reveals plans to launch “Crypto Beach” in Busan modeled on the the Swiss “Crypto Valley.”
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 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 (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 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 on legislation that aims to lift the existing ban on ICOs.
As Cointelegraph reported earlier, Switzerland is the most blockchain-friendly country in the world. Swiss Crypto Valley, a state-backed blockchain consortium was launched in March 2017 to support the development of blockchain and cryptography-related technologies and businesses. Last week, the city of Zug announced it will trial blockchain-powered municipal voting this summer.
You may be interested
Which Stablecoin Is the Riskiest? The Crypto Market Is Pricing That Inbtcethereumadmin - October 17, 2018
The market is starting to differentiate between stablecoins, even though these cryptocurrencies are all designed to trade 1-to-1 with fiat.…
Blockgeeks and WozU Announce Partnershipbtcethereumadmin - October 17, 2018
WozU, a tech-education startup created by Steve Wozniak, co-founder of Apple and, Blockgeeks have partnered together to further the spread of…
With New Exchange Listings and Demand, New Stablecoins See Pegs Brokenbtcethereumadmin - October 17, 2018
Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance. Amidst news of…