South Korea: a Crypto Beach with the image of the Crypto Valley?

According to the latest news, South Korea will soon create a revolutionary center dedicated to Blockchain technology in Haeundae Beach, in the city of Busan. The project called "Crypto Beach" follows faithfully the footsteps of the Swiss "Crypto Valley", recognized for its pioneering initiatives in Blockchain and crypto-currencies.

Crypto Beach in Busan

At the Global Blockchain Conference 2018, a flagship event dedicated to Blockchain technology in Seoul, Oh Jung-geun, President of Korea's lCT Financial Convergence Association, confirmed the construction of a Blockchain development space in Busan.

In reference to the Swiss Crypto Valley located in the canton of Zug, Crypto Beach will be launched in the district of Haeundae. This city has more than 400 000 inhabitants and is particularly appreciated for its beach as far as the eye can see. The place was strategically chosen because it attracts thousands of tourists who come to find their paradise. Haeundae enjoys a significant commercial development and has been under control for several decades.

Prohibition of Initial Coin Offering slows industry

The project is now exposed to the disapproving look of developers who fear that it is approved by the city authorities, hurt by the lack of information technology distributed large registers.

Also, Initial Coin Offering (ICO) is banned in South Korea since September 2017, although a possibility of partial legalization is possible . Large companies are then obliged to conduct their ICO abroad. Aware of the risks associated with these ICOs, many talents as well as large investors are forced to leave the Korean territory.

The Blockchain industry is starting to make its mark in South Korea. The Korean Federation Bank (KFB) and the Korean giant Samsung SDS plan to implement a Blockchain system called BankSign , subsequent to the pilot project initiated last April.

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