Even though there are so many issues that are yet to be solved in regulating the blockchain technology, interest in blockchain technology is growing exponentially. The technology is capable of tuning every imagination into reality, a technology with unlimited potential.
Integration of blockchain technology and Cryptocurrencies is a strong step in the right direction. Cryptocurrencies help blockchain to infiltrate various business models while creditability of digital assets is increased by blockchain technology.
Countries across the globe are pushing the pedal to regulate the evolving technology and cryptocurrency. Separate systems are being formed as we speak to monitor and regulate Cryptocurrencies and ICO’s, some countries are trying to bring Cryptocurrencies under the roof of the already existing laws and regulatory authorities.
South Korean Steps
The South Korean government has banned all forms of ICOs since 2017 September and still no clear laws implemented by the government that has led to a confused crypto space in the country. This stance taken by the government have caused many companies to leave the country and most importantly this has caused the domestic industry revenue of the country to decline.
Steps are taken by the government and regulating authorities to turn the Jeju province into a special blockchain zone. Steps are being taken to form the country’s first blockchain zone and this can lead to the next industrial revolution in the country.
To improve the blockchain sector of the country, Jeju province has set the target on identifying and developing a variety of blockchain projects, to make this plan a successful one, there should be cooperation between public and private sectors of the country.
Jeju plans ahead
- Areas to be upgraded
- Regulating authorities
- Clear laws to regulate
- No more law violating ICO
Traffic management, tax refunds to tourist, managing scrap batteries,food industry are some of the initial areas where blockchain technology will get introduced in the province.
A clear set of regulations and standards for cryptocurrency and their issuance. This can eliminate the risk factor for the investors; ICOs will be on a tight leash. If any laws are violated then it can be a serious offence against the government. ICOs of proper and healthy companies will be permitted and they will be monitored closely.
To execute these plans the province is planning to take advantage of its legal position, “Jeju special law” to help the province in becoming a special regulatory zone for blockchain and Cryptocurrencies, which represent new global industries and require an institutional foundation.
Special blockchain zone will be given certain advantages, the important one is flexibility. So many ICO models are hitting the streets and “token world” is evolving at a rapid pace. A flexible approach by the regional government is a suitable approach, experiments on regulations can be done on a small scale and thus national level implementations can go smoothly.
Regulatory experiments on a small scale is can speed up the implementing process, when done at the national level the process of implementing will take a long time to reach its full efficiency. With the implementation of blockchain technology in various fields this can the right time.
When the local governments are handed the steering then an uncertain market can be acted upon quickly. The province is planning to help the local industries involved in the crypto space by making the most of flexibility and speed.
Perfect time for regulations
The years to come will witness the rapid growth of both cryptocurrency and blockchain technology, this is the right time for the country to make progress in the field. This small move will help a lot in the long-term run, the hype of the market settled and a logical, rational viewpoint is now available for everyone to see, this is the right time to make use of the tide. Falling crypto market have reduced the emergence of ICOs in the market and speculations about the end of the current crypto trend have started to get ahead.
A small step by the regional authorities can go a long way in reducing the burden of the national government, this move by the South Korean province can lead the way for other countries to follow. Regulating the rapidly evolving technology is hard but not impossible, so this can become the first step in creating a standard for Cryptocurrencies and blockchain technology around the globe.