According to local sources, the existing cryptocurrency ban in South Korea will the make the Busan blockchain regulation-free zone ‘ineffective’.
The South Korean Ministry of SMEs and Startups in 2018 designated 1 trillion KRW for growing their blockchain technology industry as part of a “Growth Through Innovation” plan. But the place is running dry of companies since they cannot launch private assets atop the ledgers they are creating. Those assets are what the world otherwise called native cryptocurrencies, which, according to local civil and commercial laws, remain banned in South Korea.
Cryptocurrency-enabled Startup Falters
Korea IT Times reported this Wednesday that the newly announced ‘blockchain-regulation free’ city of Busan is likely to be ‘ineffective’ as a result of the country’s existing strict regulations around cryptocurrencies and ICO’s.
According to Korea IT Times, a blockchain startup named OkayCoin Core had its screening rejected due to regulatory restrictions. The firm got excluded by a…