The Ministry of SMEs and Startups designates regulation-free blockchain zone in Busan
The Ministry of SMEs and Startups designates regulation-free blockchain zone in Busan
  • Yeon Choul-woong Reporter
  • 승인 2019.07.27 03:38
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The Ministry of SMEs and Startups(Minister Park Young-sun ) in South Korea announced on July 24 that Busan was designated as a regulation-free blockchain zone through the Special Committee on Regulatory Freedom at the Government Complex-Seoul on July 23.

Busan, the second-largest city in South Korea accordingly plans to provide various services that cannot be forged or tampered by applying blockchain technology to logistics, tourism, and finance. In this case, the special regulation is applied to the Personal Information Protection Act.

Busan will use blockchains that cannot be deleted store information to prevent fresh logistics history from being forged or tampered with but under the current law, personal information should be destroyed after a certain period of retention.

"We have decided to save sensitive personal information on separate servers and record place values in the blockchain." said an official of the Ministry of SMEs and Startups. In the case of Busan special zone, the private information on the blockchain is deleted even if the off-chain personal information is deleted. It is to be given an exception to be regarded as one. 

The government expects to accelerate the growth of the life-friendly block-chain industry through the Busan blockchain special zone. As a result of the economic effects of this project is to produce USD 75.6 million in production inducement effect, USD 53.1 million in value-added effect, 681 job inducement effect, and 250 companies to attract businesses and start-ups.

However, the central government's policy of fostering blockchain and blocking cryptocurrency has remained the same. The experts in this field pointed out that the government still maintains a stringent prohibition on cryptocurrency that is a "half-sized" regulatory zone. The exception to the block-chain regulation is to eliminate the ambiguity that can not be extended to the block-chain-based business due to the prohibition of cryptocurrency. It is doubtful whether this special regulation will enable the development of innovative technologies through deregulation

In addition to designating the Busan Blockchain Special Zone, the Ministry of SMEs and Startups designated seven local governments nationwide, including Gangwon Province (Digital Health Care), Daegu (Smart Wellness), South Jeolla Province (e-Mobility), North Chungcheong Province (Smart Safety), North Gyeongsang Province (next-generation battery recycling), and Sejong (self-driving), allowing a total of 58 special regulations.

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