"Crypto valley" is located in the old town of Zug in Switzerland. It was opened in March 2017 and is a non-profit organization that unites entrepreneurs, investors, educational institutions and authorities for research and development in the field of blockchain.
"We need a place where the entire Korean crypto-industry, like Crypto valley in Switzerland, will be concentrated," Jung-Chen said at the conference.
The technological town will be called "Crypto beach" and will be located on the beach of Haeundae in Busan in the southeast of the Korean peninsula. Haude is a popular place for recreation, where every summer thousands of tourists come.
Jung-Chen mentioned, that now South Korean start-ups are forced to conduct the initial placement of coins (ICO) outside the country due to restrictions imposed by the authorities. This causes concern for the chairman, as it shows that the state lacks understanding of the mechanisms of operation of the new technology and the advantages it can give.