The regulatory environment in South Korea has only recently begun to embrace cryptocurrencies. Until 2018, cryptocurrency regulation in the country was very strict.

In conjunction with the changes in the stance of the Korean government, Asia’s most prominent blockchain conference was held for the first time in Seoul, South Korea from 16–20 July.

The Korea Blockchain Week attracted leading global blockchain enthusiasts as they explored blockchain, the future of technology in the digital computing world, and its potential impact on the world.

Read more to find out about blockchain in South Korea and NOIZ’s experience there!

Blockchain Technology and South Korea

Blockchain technology has been hugely popular in South Korea, but the government’s stance has been suspicious and cautious. In September 2017, ICOs were made illegal in the country.

However, regulators are now moving fast and adopting a regulatory environment that is being welcomed by the cryptocurrency community.

A major step taken by the South Korean regulators was the creation of a Financial Innovation Bureau to manage the crypto sector. Only two months before, the authorities had declared Bitcoin as an asset.

NOIZ Goes to South Korea

The NOIZ team was at the recently concluded Korean Blockchain Week, where they mingled with blockchain enthusiasts and investors.

Left to Right: David Kim, David Kang and Andy Ann

NOIZ also met with #HASHED, one of the co-hosts of the Blockchain Week. #HASHED is an accelerator and a strategic partner of innovative blockchain projects around the globe.

Andy Ann, CEO of NOIZ, at the Korea Blockchain Week 2018

According to David Kang, our CSO, “South Korea is evolving into an epicentre of global talent and a test bed for future technology. The NOIZ team is thrilled to see the country make strides in embracing new technology.”