Busan City hosts ‘The 1st Busan Blockchain Regulation-free Zone Steering Committee’

The city of Busan announced on the 24th that it held the ‘1st Busan Blockchain Regulation-free Zone Steering Committee’ at Avani Central Busan in the Munhyeon Finance Complex in Busan on the 23rd. This meeting was held to explore the direction of the development of the regulation-free zone of the blockchain and the way to activate the virtual asset industry. The Busan Blockchain Regulation-free Zone Steering Committee is composed of 23 members, including the deputy mayor of the city’s economy, the head of related organizations and representatives of blockchain companies, and 21 commissioners. The committee is in charge of advice on the basic direction of operation of the regulation-free zone of the blockchain and fostering related industries. The Steering Committee reviewed the progress of the project for one year since Busan City was designated as a block chain regulation-free zone in August of last year and the direction of the additional designated project in July. The committee discussed ways to revitalize the virtual asset industry related to the Act on reporting and using specific financial transaction information to be implemented in March next year. Meanwhile, Chairman of KBIPA, Kim Hyung Joo, was appointed as the chairman of the Steering Committee. Chairman Kim Hyung Joo entered politics by running as a Uri Party candidate in the 17th National Assembly election in 2004. Since 2017, he has served as the chairman of KBIPA, serving as a bridge between the industry and the public sector. KBIPA is the No. 1 block chain related association in Korea, and in November 2018, it announced the ICO/IEO guidelines with Korea University Blockchain Laboratory. After designating the regulation-free zone of the block chain, the city of Busan enacted ordinances to revitalize the block chain industry, promoted citizen experience services such as mobile citizen card based on distributed identity authentication, and obtained the highest rating in the Ministry of SMEs and Startups regulation-free zone operation performance evaluation. The city of Busan also added 3 projects in the blockchain regulation-free zone in July. ※This article is published with the permission of Blockmedia.

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