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Busan city named to be part of RFZs for blockchain development
The government of South Korea raises a KRW 10 billion worth of fund to form what’s called a “regulation-free” zone (RFZ) in the city of Busan, as part of efforts to build out block chain technology base, facilitating the industrial ecosystem.
A taskforce for the project openly declared on May 11 the launch of “New Free Zone fund”, worth nearly KRW 10 billion raised in the form of fund of funds (FOF), with public private partnership, mainly led by FMC investment, responsible for discovering promising venture startups closely associated with business allowed in RFZ.
Potential investees are required to be protected under a regulatory sandbox, which allow for the temporary suspension of rules so that new technologies and services can be tested outside the complex legal and bureaucratic environment in the country, or those whose business falls into the municipal industry category (e.g., Busan- blockchain, Ulsan- hydrogen green mobility and Gyeongnam – autonomous vessels etc.) in accordance with the RFZ law.
Head of FMC said “the investment project envisioned this time is believed to serve as a growth momentum which could well facilitate RFZ ecosystems, while exploring new business opportunities.”
The second largest city in Korea has also started to work on taking its full stride as it’s named as part of national blockchain RFZs. In support of in-house businesses, universities and research bodies within the RFZ, the city is currently providing financial and administrative aid to help key players involved further advance research work, simulation, patent acquisition and form sales and investment network overseas.
joseph@yna.co.kr
** This article was translated from Korean.
Date
2020.05.27
Views
434
According to Yonhap News,
The government of South Korea raises a KRW 10 billion worth of fund to form what’s called a “regulation-free” zone (RFZ) in the city of Busan, as part of efforts to build out block chain technology base, facilitating the industrial ecosystem.
A taskforce for the project openly declared on May 11 the launch of “New Free Zone fund”, worth nearly KRW 10 billion raised in the form of fund of funds (FOF), with public private partnership, mainly led by FMC investment, responsible for discovering promising venture startups closely associated with business allowed in RFZ.
Potential investees are required to be protected under a regulatory sandbox, which allow for the temporary suspension of rules so that new technologies and services can be tested outside the complex legal and bureaucratic environment in the country, or those whose business falls into the municipal industry category (e.g., Busan- blockchain, Ulsan- hydrogen green mobility and Gyeongnam – autonomous vessels etc.) in accordance with the RFZ law.
Head of FMC said “the investment project envisioned this time is believed to serve as a growth momentum which could well facilitate RFZ ecosystems, while exploring new business opportunities.”
The second largest city in Korea has also started to work on taking its full stride as it’s named as part of national blockchain RFZs. In support of in-house businesses, universities and research bodies within the RFZ, the city is currently providing financial and administrative aid to help key players involved further advance research work, simulation, patent acquisition and form sales and investment network overseas.
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joseph@yna.co.kr
Source: Yonhap News (May 11 , 2020)
** This article was translated from Korean.