South Korea has always been precise about cryptocurrency and blockchain while it comes to regulations and ongoing market. Also, there are already converse going on to make a compact decision about the startups and lawsuits.
KBEPA stands for Korea Blockchain Enterprise Promotion Association. According to KBEPA, the potential of blockchain and cryptocurrencies is already visible within today’s market. Moreover, transforming the sixth largest city in South Korea entirely into a digital currency hub will drive in lots of job opportunities.
This particular blockchain association came into existence in July 2018 in partnership with Universal Group. They are planning to revolutionize the urban area into a digital currency-valley district.
The association complying an audience with Lee Yong-Sub. He is the major of Gwangju along with other politicians within the city. In a statement, the blockchain association mentions:
We plan to meet Mayor Lee Yong-Sub to officially deliver the recommended plans to announce and transform Korea’s sixth largest city into a special governing city for digital currency. We also have plans of meeting with Kim Dong-Chan, the councilperson to ask for his support.
Moreover, the report says that South Korean government is currently focusing on the manufacturing industry. They are looking to generate new jobs rather than paying attention around the fourth industrial revolution. Also, by converting the city into a digital currency hub, there will be 1 million new jobs throughout the city.
Majority of countries are already enjoying the fruits of blockchain technology and cryptocurrency. The CEO at Universal Group, Kim In-Ki states an example of Malta and Estonia; both are greatly reaping the early adoption of blockchain technology.
Both Malta and Estonia are the forerunners during the fourth industrial revolution. They attract and influence blockchain organizations worldwide for investing in their cities.
Kim In-Ki also states that the South Korean government is only trying to generate jobs focusing on manufacturing, shipbuilding, auto fields. Hence, avoiding the rapid consequences in the fourth industrial revolution.
KBEPA has faced various issues including a government move 3 months back to exclude blockchain and crypto startups under the category as venture firms. This specifies that they deny their vital incentives like a tax break.
There are many more issues resulting in the growth of corporate and income taxes by crypto trading platforms. Moreover, their tax rate is doubling. The blockchain association is now starting to advocate the growing adoption of blockchain and cryptocurrency in the country. They will soon create friendly regulations for crypto and blockchain firms.
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