Taking inspiration from the Swiss Crypto Valley, South Korea is planning to launch a similar blockchain hub in Busan city. Chairman of the Korea ICT Financial Convergence Association Oh Jung-geun at the 2018 Global Blockchain Conference revealed that the organization is planning to build a space similar to the ‘Crypto Valley’ of Zug, in Switzerland.
“We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland,” said Oh.
South Korean financial authorities had banned ICOs in September 2017, citing lack of control and regulation. With the consequence of overseas investment and loss of talent, South Korean legislators are reported to be working on lifting the ban.