South Korea is a growing example of a country that is rapidly embracing the blockchain/cryptocurrency industry.
The government has committed a $100 million fund to develop Seoul as a centre for blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, stated that the government would launch a Blockchain Urban Plan for 2018–2022. The plan will begin with the construction of two business complexes in Seoul’s western and southeastern districts to accommodate 200 crypto and blockchain companies. This specialised blockchain zone will also feature two training centres that will work towards developing 730 experts in the field.
The Seoul Govenor’s recent trip to Switzerland’s crypto valley Zug also highlights his efforts to import offshore blockchain startups to Seoul. It is clear that the government and regulators in South Korea are putting in collective efforts to make their capital a global blockchain hub. More so in times when crypto startups in the world’s largest economies are facing regulatory hibernation.
This is a marked difference to the initial treatment of blockchain and cryptocurrency firms in Korea; from concerned financial regulator to a liberal one. Thus far it is evident that the Korean government is endorsing the blockchain and crypto industry like none other in the Asian region.
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