South Korean nominee official explains the cons of restrictive approach

The Ministry of SMEs and Startups lately formed in South Korea can become headed with Park Seong-jin, the professor at Pohang University of Science and Technology. At the recent parliamentary hearings, Park vowed to make every effort to stipulate innovations and venture capital in his country.

Image courtesy of Yonhap

Furthermore, when talking about regulative approaches, Park Seong-jin largely criticized the restrictive approach. He told that while blockchain and digital currency transactions in South Korea are very big and that this state has most digital transactions in the world, Switzerland gets more economic benefits from this market due to its liberal cryptocurrency legislation.

Park Seong-jin considers this situation unacceptable. More regulations slow down the economic development and thus the country loses money, he argues. With his management of the Ministry of SMEs and Startups, the electronic commerce and cryptocurrency companies will be provided with comfortable economic environment, he concluded.

One might speculate he was shocked by the recent decision of Chinese authorities to suspend all ICOs in the state. However, it is already clear he will not advocate anything remotely similar to this measure.