Major cities all over Korea have started on their regional policy-making to support the all new regulatory framework for businesses dealing with cryptocurrencies and blockchain technology.
The new framework was established in light of the growing popularity of digital assets within South Korea. Alongside this popularity, the resilience of major cryptocurrencies such as Bitcoin and Ethereum has been proven after bouncing back from the bearish price movement and stabilizing within a reasonable price margin despite being called a risky and volatile investment asset.
The digital asset has then been the subject of interest of investors from South Korea. Soon enough, crpytos were able to attract the attention of financial authorities such as Financial Services Commission (FSC) stating that they are enthusiastic towards the growth and stability of the cryptocurrency market and the elimination of the traditional ‘Kimchi Premium’.
According to Mayor of Busan Oh Keo-don, the regional party of Busan has found interest in cryptocurrency and aims to create the next ‘Crypto Valley’ of the world found in South Korea, inspired after the success of Zug, Switzerland.
“The regional party of Busan has found interest in cryptocurrency and aims to create the next ‘Crypto Valley’ of the world found in South Korea, inspired after the success of Zug, Switzerland.”Oh Keo-don, Mayor of Busan
After having supported over 2 500 blockchain projects, the municipality of Zug had produced over 11 000 job opportunities in the blockchain sector. Through the effective regulations and policies, this has made the town of Zug a part of the world’s thriving cryptocurrency hub.
With the ambitions and support of the South Korean government, the growing city of Sejong is another avenue that would allow for the rapid growth of technology, especially cryptocurrencies and blockchain, in its market. They plan on deploying a local cyptocurrency that can be used by locals to process hassle-free payments and receive incentives for providing personal information for the government.
As more countries are getting more exposed to the future of finance and currency, blockchain and cryptocurrencies are slowly changing how the world does its transactions. Do you think its time for more parts of the world to hussle up and be part of this change? Feel free to contact us and stay tuned for more updates about cryptocurrency and fintech. -Decentrist