South Korea has always been precise about the cryptocurrency and the blockchain while it was about regulations and the market in progress. In addition, there are already converse ongoing to make a compact decision on startups and lawsuits.
KBEPA is the acronym for Korea Blockchain Enterprise Promotion Association. According to KBEPA, the potential for blockchain and cryptocurrency is already visible in today's market. Furthermore, transforming South Korea's sixth largest city into a digital currency hub will bring many job opportunities.
This particular blockchain association was born in July 2018 in collaboration with Universal Group. They are planning to revolutionize the urban area in an Aosta Valley digital district.
The association conforms to the public with Lee Yong-Sub. He is the elder of Gwangju along with other politicians within the city. In a statement, the blockchain association mentions:
We plan to meet Mayor Lee Yong-Sub to officially deliver the recommended plans to announce and transform the sixth largest city in Korea into a special government city for the digital currency. We also plan to meet Kim Dong-Chan, the adviser to ask for his support.
Furthermore, the report states that the South Korean government is currently focusing on manufacturing industry. They are trying to generate new jobs rather than paying attention to the fourth industrial revolution. Furthermore, by converting the city into a digital money center, there will be 1 million new jobs across the city.
Most countries are already enjoying the fruits of blockchain technology and cryptocurrency. The CEO of Universal Group, Kim In-Ki, states an example of Malta and Estonia; both are taking advantage of the rapid adoption of blockchain technology.
Both Malta and Estonia are the forerunners during the fourth industrial revolution. They attract and influence blockchain organizations all over the world to invest in their cities.
Kim In-Ki also states that the South Korean government is only trying to create jobs that focus on production, shipbuilding, and automobile fields. Thus, avoiding the rapid consequences of the fourth industrial revolution.
KBEPA has addressed various issues including a government move of 3 months ago to exclude blockchain and crypto startups under the venture capital firm category. This specifies that they deny their vital incentives as a tax break.
There are many other problems that determine the growth of corporate taxes and income from encryption platforms. Moreover, their tax rate has doubled. The blockchain association is now starting to support the growing adoption of blockchain and cryptocurrency in the country. Soon they will create friendly rules for cryptographic and blockchain businesses.
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