South Korea announces investments into blockchain development

Posted 25 June, 2018

The Ministry of Science and ICT of South Korea revealed a Blockchain Technology Development Strategy intending to spend KRW 230 billion in total (over $200 million).

As it was reported, Seoul plans to complete fundraising by 2022. The authorities intend to teach more than 10,000 professionals in the sector and set up 100 companies to expand development on the blockchain.

"Furthermore, the country’s plans are to streamline the investments into a few different directions. The overall aim is to increase the country’s competitive edge in blockchain technology," the news report reads.

The government has announced six trial projects in the blockchain in the following sectors – "electronic document distributions between countries, marine logistics, easy real estate, online voting, personal customs clearance and management of livestock records". The projects are to be launched beginning from 2019.

In addition, the government also plans to expand BaaS sector (Blockchain-as-a-Service). In this situation, they mainly strive to support the companies dealing with blockchain-based development.

At the same time, the new organization will also work on improvement of the legislation, especially given that the current law restricts high-pace expansion and development of the blockchain in the country.

"Clearing the legislative differences between conventional legal contracts and the emerging smart contracts based on blockchain technology is to be prioritized. The announcement also hinted to potential tax benefits for developers of blockchain technology developers."

For reference, Seoul announced a tightening of crypto regulations following the recent Bithumb hack.

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26 June, 2018 11:25

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