Original article: http://www.koreatimes.co.kr/www/news/biz/2015/12/488_193334.html
By Yoon Ja-young , The Korea Times
South Korea Introduces Regulation-Free Blockchain Zone
- 31st July 2019
- West Meets East
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14 'regulation-free zones' to boost regional economy
The government will establish “regulation-free zones” across the country to help boost provincial economies by nurturing region-specific industries.
The zones, in 14 cities and provinces, will be free of all red tape for development of key industries identified as future growth engines for the region, as well as the country, such as the Internet of Things (IoT), drones, bio-health and smart devices.
More rental homes will be supplied by businesses to stabilize the housing market. These are part of the 2016 economic policy plans announced by the government, Wednesday.
South Jeolla Province, for instance, will specialize in the drone industry, as it has Naro Space Center and good infrastructure related to the aerospace industry.
Unlike other regions, drone companies will be allowed freely to test their drones in the regulation-free zone in South Jeolla Province, regardless of speed, altitude and time.
Each of the 14 cities and provinces had two industries designated. Busan, for instance, will nurture oceanic tourism and IoT services, Ulsan will develop environment-friendly cars and 3D printing and Gangwon Province will harbor smart health care and tourism. All regulations hampering development of these industries will be assessed.
“Though it would be difficult to scrap these regulations nationwide, they could be moved out for certain industries in certain regions,” said Lee Ho-seung, who is in charge of policy coordination at the Ministry of Strategy and Finance. “That will help the development of the industries in these regions.”
The designated industries in each region will also be provided a package of benefits including tax and finance incentives.
A special bill will be submitted to the National Assembly in June to establish the regulation-free zones.
The 2016 economic directive also includes an increasing supply of rental homes by businesses. While rental apartments were mostly supplied by state-run entities such as Korea Land and Housing Corporation, the government wants to induce construction companies to supply rental homes to stabilize the housing market. It plans to expand the supply of these business-owned rental homes by 50,000 units next year.
The government also focused on boosting consumption. The “Korea Black Friday” sales event will be set in mid-November every year, and elderly farmers will be induced to receive a pension providing their farmland as a mortgage.
To pull up the country’s sagging exports, the government chose five key items to nurture. Cosmetics, food and beverage, daily goods, products for children and fashion items were designated as new growth areas for the export market.
Busan Selected As South Korea’s Blockchain Regulation-Free Zone
Original article: https://www.blockchainmagazine.net/busan-selected-as-south-koreas-blockchain-regulation-free-zone/
By www.blockchainmagazine.net
“Regulatory innovation is not a matter of choice, it is a question of survival”
According to a press release shared with Cointelegraph on July 24, the president of South Korea, Moon Jae-In stated that regulatory innovation regarding Blockchain technology is now a question of survival. He stressed on the importance of the constant development of new approaches towards new technologies, such as Blockchain referring to the selection of Busancity as a regulation-free zone.
In the press release, Moon compares the era of industrialization to thefourth industrial revolution, adding thatthe samerequires regular innovation.
“While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”
The president suggested that creating real use cases for Blockchain to protect personal data helps South Korea in attaining greater international presence, while applying Blockchain in finance will contribute massively for the revitalization of the local economy.
South Korea’s Blockchain regulation-free zone to implement DLT applications in four areas
South Korea’s second most populous city after Seoul, Busan, was chosen to be the country’s Blockchain regulation-free zone along with JejuProvince in April 2019. To help the initiative, South Korea’s government plans to minimize regulatory pressure in the industry and promote technological innovation.
The project conjures work on DLT applications in four areas; tourism, finance, logistics and public safety. Each area will have a separate company to handle it, according to the press release.
As per the report, Hyundai Pay will develop a Blockchain-based system for tourism, while BNK Busanbank will be responsible for Blockchain applicationsregarding finance. BP&Solutionswill be developing for fishery logistics platform, and Blockchain powered public safety will be handled by a local crypto-related firm Coinplug.Sources report that BusanBank entered a partnership withcity authorities to develop its owninternal blockchain-based digital currency project.
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