Busan Selected As South Korea’s Blockchain Regulation-Free Zone
“Regulatory innovation is not a matter of choice, it is a question of survival”
According to a press release shared with Cointelegraph on July 24, the president of South Korea, Moon Jae-In stated that regulatory innovation regarding Blockchain technology is now a question of survival. He stressed on the importance of the constant development of new approaches towards new technologies, such as Blockchain referring to the selection of Busancity as a regulation-free zone.
In the press release, Moon compares the era of industrialization to thefourth industrial revolution, adding thatthe samerequires regular innovation.
“While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”
The president suggested that creating real use cases for Blockchain to protect personal data helps South Korea in attaining greater international presence, while applying Blockchain in finance will contribute massively for the revitalization of the local economy.
South Korea’s Blockchain regulation-free zone to implement DLT applications in four areas
South Korea’s second most populous city after Seoul, Busan, was chosen to be the country’s Blockchain regulation-free zone along with JejuProvince in April 2019. To help the initiative, South Korea’s government plans to minimize regulatory pressure in the industry and promote technological innovation.
The project conjures work on DLT applications in four areas; tourism, finance, logistics and public safety. Each area will have a separate company to handle it, according to the press release.
As per the report, Hyundai Pay will develop a Blockchain-based system for tourism, while BNK Busanbank will be responsible for Blockchain applicationsregarding finance. BP&Solutionswill be developing for fishery logistics platform, and Blockchain powered public safety will be handled by a local crypto-related firm Coinplug.Sources report that BusanBank entered a partnership withcity authorities to develop its owninternal blockchain-based digital currency project.