South Korea – Integrating Blockchain Ecosystem

South Korea is pushing the adoption of Blockchain technology. Recent statement by The Ministry of SMEs and Startups outlined that blockchain-based investment service will be launched in Busan’s blockchain demonstration zone to provide various services. Various blockchain-based services which includes logistics and tourism-related services, are being tested in a dedicated blockchain demonstration zone in Busan. Busan is a metropolitan city and port in South Korea and is located at the southeast tip of the Korean peninsula. In this  southern port city, a blockchain-based investment system will be shown, which will allow citizens to invest in real estate and other investment commodities using the blockchain or distributed ledger protocol. system will provide people with distinct digital identities via virtual ledgers which will  be based on Decentralized technology

In the regulatoryfree zone, the startup ministry will also exhibit a personal medical record verification service.  Medical specialists can obtain relevant medical records provided by individuals using an alias for anonymity using the blockchain-based verification service.  The data will be used in the creation of medical records.  People will  have ownership of their records and have the facility to keep a check how  their personal information was used.

“B pass,” a blockchain based integrated certification service app, is now in use in Busan.  Busan introduced a digital wallet service in July 2021, which allows users to verify their identification and carry digitally issued national certificates on their smartphones. Users can also use their cellphones to charge money and ride subway trains and city buses without having to bring physical boarding permits.

 Bithumb, is one of the largest crypto exchange in South Korea.  CU is one of the South Korea’s biggest convenience store chains and is operated by the BGF Retail business group. It accepts large number of options in the crypto spsce

According to South Korean media reports, Hong Nam-ki who is the Finance Minister and Deputy Prime Minister of the country has said that country is planning is to tax gains on cryptocurrency trading. Timelines for implementation of taxation are yet to be ascertained. NFT’s are outside the definition of crypto assets and the proposal is to tax the gain on crypto activities @ 20%.

Government is supporting blockchain based initiative, planning to register the exchanges and formalising the virtual asset market by planning to bring it under the tax ambit.

Bureau Galactik Views

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