Crypto Region in South Korea

Last Modified:8 Dec 2019 12:19:08
Crypto Region in South Korea

What Crypto Region Exactly Is in South Korea?

All the looks are on the U.S. and the expectations to recognize cryptocurrencies and Blockchain hoping to do official measures on the part of this company are continued while the countries like Switzerland and South Korea should not be neglected. Through launching centers in their cities and turning them into an official place for the activity of startups and Blockchain-based companies, these two countries are playing serious roles in the land of Blockchain and cryptocurrencies. The growth of these new technologies and industries can begin from the countries except the U.S. Moreover, developing a large part of the markets of cryptocurrencies and Blockchain has been realized by Korean and Swiss companies.

Does South Korea have Zug Too?

If you are among the followers of the news of cryptocurrencies and Blockchain, you are surely familiar with Zug; i.e. a place in Switzerland to be changed into an important hub in the field of cryptocurrencies and Blockchain. Zug is located in one of the provinces of Switzerland and different companies in the field of cryptocurrencies and Blockchain are active there. In this scientific-industrial hub, facilities such as appropriate tax exemptions are offered to various companies and startups. It seems that after Switzerland, South Korea is to launch a hub in this field in Busan. Launching such environments is considered a primary step though with high capacity in the development of cryptocurrencies. This region is called Crypto Region.

What Is Going On in Crypto Region?

It is said that different active companies in the field of Blockchain and cryptocurrencies can enjoy many exemptions and governmental facilities through joining Crypto Region. Currently, there is not the possibility of joining foreign companies to this hub, but the manner of proceeding its growth process is something we should wait for. In case this hub is developed, it will be possible to face some transformations in its management. Busan which hosts this important hub in South Korea, is the second largest city there in case of population and it can show the welcoming process of new technologies in South Korea to a great extent.

What Is the Process of Activities in Crypto Region?

As it was stated before, the process of the activity of Blockchain-based companies in Crypto Region is along with much assistance from the government of South Korea. However, it is worth mentioning that some activities like the ICO still face legal prohibitions and no company is entitled to do it. South Korea will play a more important role in the industry of Blockchain and cryptocurrencies with a process it has adopted. Enabling various companies for the activity in a new area in the world can cause some innovations and results that the other countries who are against cryptocurrencies and Blockchain should spend many years for trial and error in the future to reach it. We should wait and see if Switzerland and South Korea will compete with each other? Which one will be the main leader of Blockchain and cryptocurrencies in the world?