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No Regulations at Busan Can Make It the Global Cryptocurrency Center


thenewscrypto.com 09 July 2021 07:29, UTC
Reading time: ~3 m

Busan’s forthcoming Blockchain projects were examined and broke down at the 12th World Blockchain Summit’ MARVELS’ on Wednesday. By many industry pioneers who accumulated to measure the city’s capability to initiate a worldwide digital information environment.

One of the more eminent names present at the WBS MARVELS was Shin Chang-ho, the Director of the Future Industry Bureau of Busan Metropolitan City and the featured speaker. He spoke for a long time about how blockchain has been directed into developing the growth possibilities of the city.

In the primary session of the meet, Blockchain Special Zone Busan: Vision and Issues, the eminent business pioneers taking an interest were, Park Hyo Jin (VP of Sejong Telecom), In Ho (Prof. Korea University, Director of the Global FinTech Researcher Digital Currency Center), Lee Ju Hyeong (Director of Digital Finance Division, Busan Bank) and Oh Jeong Geun (Chairman of the Korean Institute of Finance ICT Convergence)

Regulations Free Busan

Way back in July 2019, the Ministry of SMEs and Startups assigned Busan as a regulation-free zone. With a reason to develop blockchain advancements that focused on coordination’s, the travel industry, public wellbeing, and money. Because of the endeavours made by the public authority and monetary organizations, blockchain innovation in Busan has become an irreversible standard.

According to Lee Ju Hyeong,

“The government is shifting its attitude toward cryptocurrencies by appointing a government body governing the industry while financial companies like us are navigating opportunities,”

Busan Bank is one of the nine organizations chosen for the Busan Blockchain Special Zone and has also fostered the Busan Digital Voucher.

Trending Blockchain Services in Busan

The improvement of blockchain innovation in the city has prompted anything but a monetary centre point and worldwide coordination. However, not many of the more famous blockchain-based administrations in Busan incorporate –

  • B Pass – Blockchain-based ID service
  • Busan Digital Voucher
  • Citizen Safety Report
  • B-Fresh – Seafood logistics service
  • B-Tour – Travel Platform

South Korea at the Forefront

South Korea has been at the leading front of the digital currency blast in recent years and is one of only a handful few nations with wide-scale reception of blockchain innovation. In March 2020, the South Korean National Assembly passed new enactment. In order to give a framework to the guideline and sanctioning of digital forms of money and crypto trades.

Despite the fact that in 2017, the public authority had clipped down on the spread of blockchain. The enactment in 2020 ends up being a generally speedy turnaround for controllers. Moreover, it showed the expanding acknowledgement of blockchain and, all the more precisely, cryptocurrency in the country.

Furthermore, South Korea has been at the forefront of the cryptocurrency boom over the past few years. It is one of the few countries with wide-scale adoption of blockchain technology. In March 2020, the South Korean National Assembly cleared new legislation to provide a framework for regulating and legalization of cryptocurrencies and crypto exchanges.


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