South Korea's gov. declares Busan a "regulation free zone" for local blockchain firms

posted 3 months ago
South Korea’s government has declared Busan a "regulation free zone" for blockchain development for South Korean based firms. The 2nd largest city in the country will host blockchain offerings related to finance, public safety(blockchain based app where people can report and share info about natural disasters and crime etc.) and tourism, though international offerings are not allowed. It is expected that investors will move 29.9 billion won ($25 million) into the region by 2021.

Of course ICO's are not allowed, but the move was not even intended to target cryptocurrency. Notably, Jeju island has developed an ambitious and aggressive vision to become a crypto island.
Tags: blockchain, news