South Korea to launch Crypto Beach project following Swiss Crypto Valley

Posted 18 June, 2018

Seoul reportedly intends to set up a blockchain centre near Busan, which may be similar to the Switzerland-based one.

According to the news reports, the project was presented during the 2018 Global Blockchain Conference held in Seoul. At the event, Oh Jung-geun, the Chairman of the Korea ICT

Financial Convergence Association, addressed the message that they are looking for creating a crypto area like Switzerland did. For reference, the Swiss Crypto Valley is located in Zug.

"We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland," his message reads.

Specifically, the organization voiced plans to open Crypto Beach area in Haeundae  Busan. This beachfront zone is highly attractive for tourists every summer. Moreover, the authorities consider this area as a business development centre. According to the reports, the plans are to be discussed with the local authorities at the end of summer.

At the same time, Oh Jung-geun also reminded that with the effective ban in the country, South Korea-based companies have to hold ICOs abroad, adding that unfortunately, the authorities are yet to see benefits that could be received from such new technologies. For reference, South Korea banned ICOs back in September 2017. at the same, the authorities are said to start considering opportunities for cancellation of the current restrictions after realizing what consequences can bring this ban.

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