The South Korean government designated 7 cities and provinces as the third batch of unregulated free special zones, and Busan City was able to carry out blockchain financial and medical service tests in a free environment without supervision. In addition to the previous blockchain special zone, Busan City has been designated as a marine mobility special zone this time. The third batch of unregulated free zones designated by the government includes Busan City, Gangwon-do (liquefied hydrogen industry), Gyeongbuk (industrial hemp), Daegu (mobile collaborative robots), Ulsan (gene service industry), Jeonbuk (carbon integration Industry), Chungnam (hydrogen energy transformation) and other seven regions, the South Korean government will invest 42 billion won in the budget to establish an unregulated free special zone investment fund.

#Busan uses blockchain to create a new business model

According to the announcement of the Government Supervision and Free Zone Committee on the 6th, Busan City plans to focus on the financial and medical field service tests in the blockchain basic industry, and create a new business model with low transaction costs, safety and efficiency. In the field of financial (real estate) services, the city of Busan will focus on developing a security system to protect investors, etc. At present, relevant protection mechanisms include setting a limit for the issuance of income securities (limited to 500 billion won), limited to Busan Bank account opening users (qualification restrictions), and limited to products (real estate) in the Busan area. Ordinary people can invest up to 20 million won to meet a certain income. Qualified investors can invest 40 million won (investment limit) and other limited conditions. In addition, Busan City will also set up a public offering fund to invest in real estate in the special zone to ensure that the trading platform uses fidelity, security, and credible blockchain digital certificates to provide intermediary, sales, and circulation (investor protection) services to ordinary investors . In other words, under the preferential policies of the Special Economic Zone, Busan City will allow practitioners to provide intermediary, sales, and circulation services for real estate income securities, and there is no need to compel the destruction of personal information when conducting data transactions, which is equivalent to conducting a real estate transaction in the real estate field. An experiment similar to "STO (Issuance of Security Tokens)".

JOIND Reporter Park Sang-geol park.sanghyuk@joongang.co.kr

JOIND Reporter Park Sang-geol park.sanghyuk@joongang.co.kr