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South Korea now has a crypto regulation free zone in Busan

busan regulation free zone

After much deliberation and requests from the Busan government officials, the Korean central government has finally decided to make the second-largest city in South Korea a “regulation-free” cryptocurrency hub for the years to come.

Everything starting from finances and ending with public transportation and tourism will experience some kind of affiliation with the blockchain and potentially incorporate 3.4 million people into the technology.

Discussions about making Busan into a cryptocurrency hub had been going on for quite a while as the local government officials were requesting to have such a zone in order to promote tourism in the region.

Although the motion has been approved, the central government has clarified that the allowance of opening a crypto company will be delegated only onto those who want to make a locally-focused business.

International projects will not benefit from the new zone, unfortunately, but still, can truly taste the power of blockchain when there are no restrictions whatsoever and adoption is on a higher level.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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