South Korean crypto ban will cripple the special blockchain zone
- Busan city, the declared blockchain free zone will be as such ineffective, given the country’s crypto ban.
- Local sources noted that there are many restrictions, that will just see companies not being able to operate as they should
The existing cryptocurrency ban in South Korea is going to be essentially make the new Busan blockchain regulation-free zone ‘ineffective’, according to local sources,
In 2018, the South Korean Ministry of SMEs and Startups has set aside some 1 trillion KRW, this was made for the purpose of growing their blockchain technology industry as part of a “Growth Through Innovation” plan.
The area however is apparently becoming almost somewhat non-existent, as companies cannot launch private assets atop the ledgers they are creating.
Earlier this week, the Korea IT Times did report that the newly announced ‘blockchain-regulation free’ city of Busan is likely to be ‘ineffective’ as a result of the country’s existing strict regulations around cryptocurrencies and ICO’s.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
