South Korea: Asia's blockchain center?

South Korea: Asia's blockchain center?

At that time, the world's speculative money fans have organized a group to kill South Korea.

The reason for this phenomenon is mainly due to the shortage of Korean cryptocurrency transactions.

“Recalling that the media public opinion in South Korea was really crazy at the time. Some office workers even quit their jobs and started to speculate on coins. Many foreigners in Korea got a high return by “moving bricks”. Of course, when the price of the currency returned to normal. At the time of the price, investors are not in the minority at high prices. The most powerful people who are “cutting the leek” are Korean investors.

Since this incident, the Korean government and financial institutions have speeded up the regulation and drafting of the digital currency market. The popularity of Korean nationals in the market has also continued to be hot. Coinvoice.kr CEO Jin Hongkun told reporters.

The government was forced to supervise

When the kimchi premium event continued to ferment, the government was forced to supervise. In January 2018, South Korean Justice Minister Park Sung-chi said that several government departments, including the Korean financial regulatory authorities and the financial department, planned to close the cryptocurrency exchanges in South Korea.

However, this move caused more than 200,000 people to petition to protest, and ended up with the change of Qingwatai and the "food" of Minister Park.

South Korea’s regulatory attitude towards digital currencies has been evolving.

In September 2017, the Korea Financial Services Commission (FSC) stated that it would ban ICO financing. However, in June 2018, South Korea lifted the ICO ban and legalized the ICO.

In November last year, when the IEO first appeared, the Korea Blockchain Industry Association released the IEO Guideline for IEO. Guideline is divided into 3 parts:

1.MVP (Minimal Visible Product)

The project must have a working Dapp or Proof of Concept main network before the IEO.

2.Self Check List

The list includes digital currency purchaser protection measures, technology, security and other 166 parts of the list must be filled out and published points. The IEO 1000 is divided into perfect scores, of which more than 700 points can be used for IEOs of more than 1.5 billion won, and scores of less than 700 points for IEOs of less than 1.5 billion won.

3. Announcement

The announcement part is required to clearly indicate the white paper on the official website, the financial situation, the shareholders' situation, the main signing partners, etc.

In June 2018, the Ministry of Science, Technology and Communication of Korea released the "Blockchain Technology Development Strategy". Before 2022, it raised 230 billion won of funds, about 1.4 billion yuan, aiming to train 10,000 blockchain industry professionals and 100 the company.

It is not difficult to see from the above examples that the Korean government's position on the blockchain and cryptocurrency is very clear:

The South Korean authorities have acknowledged the importance of blockchain technology and have been cultivating and developing them. In addition, influenced by political characteristics and public opinion, the Korean government’s regulatory attitude toward digital currency has been reversed several times, conforming to public opinion, and chaos under pressure from public opinion. Seeking stability.

But in operations such as IEO, which tend to evolve into funds, in order to avoid threats to innocent investors, the Korean authorities have been taking tougher measures to protect the interests of investors and policy regulation to regulate industry development.

South Korea may become the center of the blockchain in Asia

At present, large-scale chaebols in Korea, such as Samsung Group, communications giant KT Group, Kakao, etc. have all entered the market, or invested in projects, or established blockchain companies.

For example, last year, Hyundai Group's subsidiary issued HDAC COIN; recently Samsung Group also officially announced the investment blockchain field, the new S10 mobile phone comes with digital currency wallet function; South Korea's largest social software KAKAO TALK is also preparing Released digital currency wallet; Korean communications giant KT (Korea Telecom) is building a telecommunications system based on blockchain technology…..

South Korea: Asia's blockchain center?

In addition to the large-scale chaebol admission, other favorable policies continue.

At the 2018 Global Blockchain Conference, the chairman of the Korea ICT Financial Integration Association said: “Korea will build a blockchain center based on the Swiss 'Encryption Valley'.”

Last year, it was reported that the South Korean Jeju Special Autonomous Region was revising the relevant bill and wanted to make it a blockchain control sandbox. By amending the special law, blockchain projects can be allowed to be financed on the island, and blockchain technology will be applied to all industries on the island, eventually creating a world-class blockchain zone.

South Korea has a large investment group and innovative regulatory policies. As digital currencies are more widely accepted by mainstream Korean society, the inclusiveness of the Korean blockchain market is also expanding. In the future, South Korea may become a block in Asia. The center of the chain.

Source: CoinVoice