Seoul to host government officials from ‘Crypto Havens’ 22399
News
Aakash Athawasya
Sep 5, 2018 at 3:15 PM

With the worldwide embrace of cryptocurrency and blockchain technology, several countries are turning themselves in ‘Crypto Havens’ by adopting cryptocurrency in the mainstream and embracing the underlying technology. Seoul, the capital of South Korea will be the venue for government officials of these very countries to discuss and deliberate the future of this technology and the impact it will have on the industry.

Estonia, Switzerland, Lithuania, Malta, Singapore and the city of Hong Kong’s government officials will bring forth their nation’s point of view concerning their blockchain industry and its impact on the world at the Blockchain Seoul tradeshow, lasting three days from September 17th to 19th.

One of the key attendees to the event will be the Governor of South Korea’s Self-Governing province of Jeju Island, Won Hee-ryong who had publicly declared his intention for the island to become a special industrial zone for blockchain companies.

There is a mutual unwritten understanding between the attending countries to accommodate companies in this domain during a disruptive period or following some government action. Following China’s ICO ban last year, Hong Kong and Singapore hosted several Chinese companies.

The Mediterranean country of Malta was one of the first to apply legislation to help the blockchain industry. The Malta Gaming Authority (MGA) is studying the economy and introducing controlled digital currency to help stimulate it. With the move of the blockchain ecosystem Binance and the establishment of a fiat to digital exchange, cryptocurrency has been on the rise in Malta.

The host country, South Korea has yet to launch an official policy with respect to cryptocurrencies and blockchain companies. A trading ban is not on the cards, but there is a dire need for there to be some transparent information and laws to better govern this industry. Exchanges haven’t been spared though, with the government authorities calling for a raid on the operational ones.

See also: Seoul to introduce its own cryptocurrency

See also: Cryptocurrency to Replace Local Currency in Korean Province

Image via Shutterstock

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