Dedicated Plan for Startups and SMEs Prioritizing Blockchain first and not Focusing Cryptocurrency as much

By Maheen Hernandez August 5, 2019 0
blockchain Cryptocurrency

Facebook has forever been facing never-ending privacy issues with the US Federal Trade Commission, and it has not launched its Cryptocurrency directly. It is Libra Association, the non-profit corporation that is all set to run the “Libra” cryptocurrency.

Meanwhile, the upside momentum of the cryptocurrencies did not prove successful. The crypto market has turned to red again. Bitcoin’s market share grew to 66.6%.

South Korea has played a very significant role in the cryptocurrency industry. While several people look to the US for guidance, most of the investors now focus their attention on South Korean activities concerning Cryptocurrency. There are specific “crypto regions” with unique guidelines and regulations in South Korea. Particularly in the Zug region of Switzerland, where the blockchain projects are welcomed with open arms. They are not either barred or shunned completely in these regions.

The South Korean Ministry has created a dedicated plan for cryptocurrency startups and SMEs as opposed to creating a “Wild West” situation for cryptocurrency companies.

South Korea has a similar project in the Busan area, and the projects in this area will be free from the regulatory measures imposed by the government. This city can be a great testing ground for cryptocurrency innovation and blockchain. While international companies are not welcomed to this area as of yet, depending upon the success of the current initiative, the situation might change.

With companies focusing mostly on the blockchain being exempt from regulation, it is expected that companies which are focusing on the blockchain will be active in areas involving finance, tourism, and public safety. Therefore, the impact of cryptocurrencies in Busan will be pretty minimal.

This technology is of greater interest when compared to newer payment methods for services and goods. There are a lot of use cases to explore in this region. If the expected investment pours into the Busan blockchain project, then several other innovative developments will become a happening in this region.

While there is no clear official indication about what is set to come in these regions, it is only for commercially viable projects to declare if these projects are worth it.

Despite all the declared exemptions, key restrictions are set to be in place in Busan. When it comes to the ICOs, the region will face similar roadblocks like in the rest of the country. The Busan project is focused on putting blockchain in the priority without focusing on Cryptocurrency as much.