Busan Metropolitan City beat out other city and provinces as a top priority bidder in negotiation for a regulation-free blockchain special zone.
The Ministry of Small-and Medium-sized Enterprise and Startups said on April 17 that it has selected Busan Metropolitan City as a top priority city in negotiation for the ministry-led regulation-free blockcahin special zone establishment.
Once designated as the blockchain special zone, enterprises registered in the designated city will be privileged to be exempt or waivered from a variety of legal and administrative regulations.
The law on the establishment of the regulation-free blockchain special zone went into effect from April 17.
According to the blueprint submitted by the City of Busan, the special zone aims to become an incubator for 13 blockchain-related business projects, including finance, logistics, Big Data, and smart contracts, just to name a few.
The Busan City government has an ambitious plan to establish the blockchain special zone as a blockchain platform–centric technology convergence and regulation-free haven for logistics, finance and healthcare by taking advantage of the city’s strategic and geographic position as the country’s largest port. Busan is home to the country futures trading exchange. On the way toward that goal, Busan City government signed an agreement with Hyundai Pay, a finance payment subsidiary of Hyundai Motors to cooperate to jump-start blockchain and FinTech industry.
All 30 local city and provincial governments joined the bid for the blockchain special zone, and 10 local city and provincial governments were chosen as priority bidders for the negotiation.