Busan City has been selected as the preferred bidder for South Korea’s blockchain regulation-free zone. The final examination and designation by the Ministry of SMEs and Startups are scheduled for July this year. Busan City is competing with Jeju Province for the designation.
Busan City is planning to hold a public hearing on May 21 to collect public opinions and submit specific business plans to the ministry on May 24.
The draft plan previously submitted by the city is divided into 13 projects. First, the city is going to provide special deregulation and pilot services regarding blockchain-based industries.
In addition, Busan City is going to promote blockchain technology convergence by combining its financial, medical and logistics sectors with local financial, port and tourism resources. Also, the Munhyun Innovation City or the Centum Innovation City will house an organization providing support for the blockchain industry.
With regard to the use of cryptocurrencies, the ministry said that definition of the currencies should come first, along with a determination on whether to regard them as assets, if innovative small firms issue coins through initial coin offering. “The government will provide extensive support if Busan develops its own blockchain-based currency structure or token economy,” the ministry added.