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As of 14 June, a local outlet Edaily reported that South Korea has revealed the plans to launch a blockchain center in the city of Busan which will be modeled on the Swiss Crypto Valley.

Oh Jung-Geun, the chairman of the Korea ICT Financial Convergence Association at a recent blockchain event in Seoul “2018 Global Blockchain Conference,” claimed that the organization wishes to build a space similar to the “Crypto Valley” located in the Swiss canton of Zug.

Oh, Jung-Geun said, “We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland.”

The “Crypto Beach” is planned to be launched at Haeundae, Busan by the association. Haeundae is located in the eastern Busan, South Korea, and it is a prosperous beachfront community. Haeundae attracts thousands of tourists each summer. In recent decades this place has also been classified as the commercial development center by the government. The authorities are reportedly planning to discuss the project with the Busan authorities on August 30.

Due to the ban by the government on Initial Coin Offerings (ICOs), Oh Jung-Geun highlighted that many South Korean companies must launch the ICOs overseas. Oh expressed his concern towards lack of understanding of the new technology and the way it benefits the local authorities and their strict regime.

Last year in September, South Korean financial authorities banned ICOs, claiming that ICOs should be strictly monitored and controlled. The government has ostensibly realized the risks associated with banning the practice, such as displacement of talent and investment overseas, as South Korean lawmakers are reportedly working on legislation that aims to lift the existing ban on ICOs.

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