South Korea
BLOCKCHAIN
SOUTH KOREAN CRYPTOCURRENCY EXCHANGES STRUGGLE TO FIND INSURERS
Due to recent security breaches and thefts among some
South Korea’s ministry has also announced its intentions to support the development of BaaS. Their main goal is to further assist companies, which specialized in the development of blockchain technologies. In order to do so, the ministry will provide roughly around 10 BaaS purchase vouchers that guarantee government payments to small and medium-sized enterprises (SMEs) on a yearly basis.
A More Hands-on Approach to Cryptocurrency Regulations
A PUSH FOR LEGISLATIVE CLARITY
The announcement also highlighted the fact that the ministry will be organizing research teams. They will work to strengthen the currently existing laws, which are currently hindering widespread adoption of blockchain technology in the country.
Clearing the legislative differences between conventional legal contracts and the emerging smart contracts based on blockchain technology is to be prioritized. The announcement also hinted to potential tax benefits for developers of blockchain technology developers.
This is good news for the local cryptocurrency field, as the country is seemingly loosening up and setting a rather friendly environment. Blockchain-based applications are becoming an integral part of the IT landscape in the country. Furthermore, back in May, South Korea’s National Assembly recommended legally allowing ICOs under specific conditions, which established some protections for investors.
Do you think South Korea is making the right move to facilitate blockchain development? Don’t hesitate to let us know in the comment below