The government of South Korea has given the rapidly growing blockchain industry a push forward by setting up a committee to determine how the industry will benefit local citizens and the world at large.
At the beginning of 2018, South Korea formed a committee comprised of 66 companies, with the aim of improving and encouraging self-regulation. The Korean Blockchain Association (KBA) is supervised by the minister of information and communication, who says that among the functions of the KBA is “fostering communication and coordination between the government and the blockchain community.”
In September 2017, South Korea’s Financial Services Commision began scrutinizing the local ICO market in an effort to protect the investing public from fraudulent dealers. The government’s involvement in blockchain is a necessary move in order to better improve regulation of ICOs and protect investors. Through the Ministry of Science and ICT, the government has pledged $3.9 million to support the growth of blockchain technology.
Ultimately, the backing of the government is an essential component for the growth and development of blockchain technology and the industry as a whole. The South Korean government is a good example of what collaboration with blockchain product developers can yield.
Since its establishment, Saifu has emphasized that an enabling environment plays a key role in bringing blockchain technology to its full potential. We’ve worked with regulatory bodies to ensure that our platform users get the maximum benefit.