The South Korean government has agreed to invest $35 million in next year’s budget to develop blockchain technology and industry related to distributed ledger technology (DLT), South Korea's largest economic information service company Korea Economic Daily reported Nov. 8.

South Korea’s government has held a meeting on industry related to DLT and blockchain technology with the participation of the Ministry of Science and ICT, the Ministry of Information and Communication, the Democratic Party of Korea, and others. The Vice Minister of Health and Welfare announced during the meeting that the ministries agreed to increase the budget for the next year by three times, approximately to $35 million.

This year, the Ministry of Science and ICT received 72 blockchain project applications from 41 institutions, and selected six final projects for their development in the public sector. For 2019, the Ministry is set to double the number of selected projects to 12, with three to four “private-led” blockchain projects as well.

The Ministry of Information and Communication will be responsible for providing technical, verificational, and consulting services for the blockchain startups for the next year, Korea Economic Daily reports.

The second vice minister of the Ministry of Science and ICT noted that “everyone agrees that the blockchain is a technology [that will] change the future,” continuing:

“We basically need to grow in the market [...] We will also need institutional and legislative support from the National Assembly [Korean parliament]. I look forward [...] for the development of the blockchain industry in Korea.”

Previously this fall, a sub-organization of the South Korean Ministry of Science and ICT, the Korea Internet and Security Agency (KISA), had already made an announcement about the government's plans to to spend about $9 million to spread blockchain projects throughout public and private sectors, Cointelegraph reported Sep. 4.

Back in October, South Korea’s Financial Services Commission (FSC), the national watchdog, warned that investing in cryptocurrency funds could violate the country’s Capital Markets Act.