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South Korea Wants to Build a Special Cryptocurrency Zone for Companies

ยท 17 Jun 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

One of the most important countries in the cryptocurrency market may launch a cryptocurrency zone for companies. The main intention is to build a blockchain, cryptocurrency and blockchain location for enterprises to keep developing the ecosystem.

Cryptocurrency and Blockchain Zone

South Korea has not been welcoming to crypto-related companies neither to crypto traders. Authorities had taken different measures to regulate and control the market including a ban on Initial Coin Offerings (ICOs). Moreover, they have taken other important decisions that restricted the capacity of one of the most active countries in the crypto world. South Korea

But this time, according to a report from the local news source Edaily, South Korea wants to launch a crypto centre in Busan city. The main intention is to incubate companies and projects in the blockchain sector. The name of the zone will be ‘Crypto Beach,’ which make us think about the ‘Crypto Valley’ created in Switzerland in the city of Zug.

Oh Jung-geun, chairman of the Korea ICT Financial Convergence Association, explained about the plans they have:

“I need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland. I looked around the state of Jukkas at the institute and made a crypto beach in Haeundae. We are planning a conference event to discuss with the Busen city.”

At the moment, South Korean companies are starting to issue their tokens abroad because ICOs are banned in the country. As we reported some time ago, the country may be thinking about allowing some companies to issue their tokens in the country. Several investments are being moved abroad due to the lack of favourable legislation.

For example, Singapore and Switzerland have been attracting companies from all over the world and had very good results on their economies. We can also mention the case of Japan. The country, which cannot grow since more than 20 years has registered an increased on its GDP of 0,3% just because of virtual currencies.

During the last year, Bitcoin and the market grew exponentially and several investors decided to sell their currencies at market highs, which positively affected the economy.

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