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South Korea’s President Moon Jae-In has said that regulatory compliance and innovation regarding blockchain technology is now about survival and no longer about choice. This is an indication that the Asian country is taking the evolution of blockchain regulation seriously. 

Not only does the bolstering of regulation help the government controls the disruptive and all-encompassing technology, but it also outlines the space in which the technology can grow and operate with efficiency.

For South Korea, its second-largest city, Busan has been selected as a regulation-free zone to try and drive forward the advancement of blockchain technology, as well as the innovation in its regulations. 

A new revolution

In a press release, Jae-In compared the difference between the industrial revolution and the now ongoing fourth industrial revolution with blockchain at its core. 

While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields,” the president said. 

Mostly, South Korea has decided that for blockchain to be a success in its country, it cannot rely on the choice to be regulated and for the regulation to be partially available, instead, they are looking for innovative ways for blockchain to get a leg up without hindrance. 

The regulation-free city

Busan has become the cities preferred place for what it has dubbed “a regulation-free zone.”  South Korea’s government plans to minimize regulatory pressure in the blockchain industry and promote technological innovation in the country.

By doing this, innovation in blockchain is expected to take off in four critical areas for South Korea, with less regulation, but still under the eye of the government and its regulators. 

Tourism, finance, logistics, and public safety will be taken under the wing of the merging blockchain technology with the help of major companies in South Korea; these include BNK Busan Bank, Hyundai, Local crypto-related firm Coinplug and tech startup BP&Solution.

A different approach

The importance of regulation to South Korea and its president is evident. However, it is noteworthy as their belief is that without the right control to promote the technology, it could well fail to take off and provide many efficiencies and solutions. 

This is in comparison with other countries, such as India, where the approach to regulation seems to flip flop all the time. Currently, India looks closer to banning things like Bitcoin and punishing companies that use cryptocurrency, which, in its own right will be a significant hindrance to the advancement of the entire ecosystem.

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