South Korean Govt Pledges Support For Blockchain Startups

News | September 21, 2018 By:

The South Korean government has pledged to increase support for local blockchain startups to speed up the growth of the industry.

During a meeting with blockchain startups in Bundang, Gyeonggi Province on September 20, Second Vice Minister of Science and Information Communications Technology (ICT) Min Won-ki listened to startups explain the challenges and difficulties they face in doing business in the country.

At the meeting, the entrepreneurs urged the government to create a fair competitive environment between domestic and foreign blockchain solution developers, allow to place separate orders for blockchain technology in project biddings, and establish a cloud-based blockchain development environment. They also said that the government should provide support for research and development (R&D) expenditures in the private sector.

“We decided to hold the meeting in camera in order to hear out what challenges and difficulties the industry faces without making any kind of adjustments,” Min said. “This was to collect a candid opinion from the industry and help the government speak frankly with the industry.”

In addition to free discussions on various topics including plans to regulation improvement, the startups who attended the meeting reviewed the pilot projects the government initiated earlier this year to expand the blockchain market and improve public services. The blockchain projects, which are part of the government’s $4.4 billion ‘growth through innovation’ investment plan, include the application of the technology in customs clearance, history of cattle, and simple property transaction.

Min said that considering the fact that there is no significant blockchain gap between South Korea and other countries, it is a good opportunity for South Korea to lead the industry.

“The government will actively back domestic companies to help them lead the global blockchain market,” Min said.