South Korea leads the example of being the most friendly region in the world for crypto and blockchain entrepreneurs.
The world's eleventh eleventh economy has committed a $ 100 million ASD fund to develop the capital city of Seoul as the center of blockchain innovation. Park Won-soon, the third governor in Seoul, during his visit to Zug, Switzerland last week, revealed that their government would launch the Blockchain City Plan for 2018-2022. The plan will begin with the construction of two business complexes in the west and southeast districts of Seoul to accommodate 200 crypto and blockchain companies. The special blockchain zone will also feature two training centers that will maintain 730 experts in the field.
Map of the Road in Solid Blockchain Development
The Urban Blockchain plan will also witness the application of blockchain in 14 Seoul public services in five regions. Park stressed that they would start by innovating workers' welfare, vehicle history management, issuing certification, donation management, and voting
The Mayor explained, for example, that part-time workers who do not have job insurance or work contracts will be able to register through the blockchain application. Other participants in workforce management, including welfare organizations and insurance companies, will participate as a node that runs in the ledger. They will efficiently utilize worker information to share through their distributed networks, and to decide on insurance schemes.
"No doubt, blockchain is the core technology of the fourth industrial revolution, which will shape the IT industry in the future. I will try to help Seoul become the center of the blockchain industry ecosystem, "Park said.
Hibernation Regulations in Other Areas
Park's recent trip to the Swiss crypto valley Zug also marked its efforts to import startups off the coast offshore to Seoul. It appears that governments and regulators in South Korea are making collective efforts to make their capital a global blockchain hub. Especially in crypto startup times in the world's largest economy is facing hibernation regulations.
The US, for example, is looking at the potential for mass exodus of the local blockchain industry without crypto inexplicable rules and increasing crackdown by the Securities and Exchange Commission (SEC). In September, more than 50 stakeholders from the crypto and financial industries met with lawmakers in Washington to discuss similar issues.
India, the sixth largest economy in the world, also pushed the local crypto industry into a court battle with their central bank following a bank ban. The South Asian country, which has launched an ambitious startup scheme under the leadership of Prime Minister Narendra Modi, has ironically surpassed Crypto, an industry that displays some of the most promising startups. As a result, many local companies moving outside India are looking for better places to launch their blockchain services.
The South Korean Financial Services Agency, on the other hand, has shown mature metamorphosis of the relevant financial regulator to the liberal financial regulator. The supervisor launched a special Financial Innovation Bureau to monitor and maintain the crypto sector as part of their fourth industrial revolution. This effort is now proven by the visit of their politicians to other crypto centers and dedicating taxpayers' money to build similar facilities in Seoul.
The South Korean government - with support from the country's financial regulator - supports crypto and blockchain unlike other countries.