South Korea has announced plans to create an analogue of the Swiss “Cryptocoryne” Swiss Crypto Valley in Busan. The media learned about it on June 14 conference 2018 Global Blockchain Conference in Seoul from the President of the Korean Association of financial convergence OU Yung-Chan (Oh Jung-geun).

“Cryptocoryne” is located in the old town of Zug in Switzerland. It was opened in March 2017 and is a non-profit organization that brings together entrepreneurs, investors, educational institutions and government bodies for research and development in the field of blockchain. Last week the authorities of Zug, said that this summer will hold municipal elections with the help of blockchain platforms.

“We need a place where will be concentrated all kriptonyte Korea, such “Cryptocoryne” in Switzerland,” said Jung Jong at the conference.

The technological town will be called “CRYPTOPSY” (Crypto Beach) and will be located at the Haeundae beach in Busan in the South-East of the Korean Peninsula. Hauge is a popular place where every summer thousands of tourists come. To discuss with the authorities of Busan to build a kriptotsentr Association plans at the end of August. It is assumed that “CRYPTOPSY” will be classified by the government as a commercial research centre.

Yung-Chen mentioned that at the moment South Korean startups are forced to spend primary placing of coins (ICO) outside the country due to restrictions imposed by the authorities. This gives the chair concern as it shows that the state does not have the understanding of working mechanisms of new technology and the benefits it can give.

Recall that in September 2017 South Korean government imposed a ban on ICO. However, over time the government realized that such measures lead to negative consequences, such as brain drain and investment of capital abroad. Now the legislatures of South Korea are working on a bill governing the ICO, which will remove the existing ban.

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