On July 23, 2019, the City of Busan announced that it has been designated a regulation-free zone for blockchain technologies.
The government committee has designated seven regulation-free zones to test innovative technologies and foster related businesses. The seven zones are located in Gangwon-do (digital healthcare), Daegu City (smart wellness), Busan City (blockchain), Sejong City (autonomous driving), Jeollanam-do (e-mobility), Chungcheongbuk-do (smart safety control), and Gyeongsangnam-do (advanced battery recycling).
The City of Busan expects blockchain applications in tourism, finance, logistics and public safety, with projects led by companies ranging from a bank to FinTech startups. The city is planning to inject 29.9 billion won through 2021 into the 11 specialized districts (110.65 km2) such as Munhyeon Innovation District, Centum Innovation District, and Dongsam Innovation District. Eleven regulations have been lifted for this project.
The enterprises to be promoted in the regulation-free zone are future logistics system establishment (BP&Solution, Busan Technopark), smart tour platform establishment (Hyundai Pay, Korea Tour Pass), public safety video report and data transaction platform establishment (Coinplug, Sarada), and digital voucher issuance (BNK Busan Bank).
The city may invite more companies to take part in its blockchain-focused projects and further boost blockchain development. It expects the project to contribute to reviving the local economy and creating new jobs.
For more information, please contact the Advanced Materials Division at (051)888-6747.