According to local media reports, Busan Metropolitan City in South Korea announced on the 27th that after approval from the Ministry of SMEs and Startups, the designated period of the Busan blockchain free zone has been extended by three years to 2027. Currently, Busan, as South Korea's only blockchain unregulated free zone, is continuously trying to develop innovative services using blockchain technology and commercialize them.
The second largest city in South Korea develops a blockchain free zone, CZ also signs an MOU.
Busan Metropolitan City is the second largest city in South Korea and is known as a port city due to having the largest port in South Korea, Busan Port. The Busan blockchain free zone was first exposed in 2019, and since then the city has been committed to promoting various applications of blockchain technology. It is worth mentioning that the Busan blockchain free zone (Regulatory-free Zone) covers the entire Busan Metropolitan City and is not limited to specific areas.
In a limited Instagram post by cryptocurrency influencer CZ, it can be seen that in 2022 he met with Mayor Park Sang-jun of Busan Metropolitan City to sign the first blockchain memorandum for the blockchain free zone in Busan, Korea. He stated in the article that this is a process to promote mass adoption.
Examples of blockchain development: Real estate public funds and medical data
The news mentions the recently developed real estate investment platform Bbrick and the medical data platform BHealthy in Busan, illustrating that the city is currently leveraging blockchain technology to provide new possibilities for real estate investment and medical data utilization. Both projects, originally set to conclude by the end of this year, are expected to extend until 2027 with the approval of a temporary license, which means there is still a chance to extend or transform into a formal blockchain free zone.
The real estate investment platform Bbrick is a public fund primarily used for investing in real estate in the Busan area. It issues digital certificates to general investors and distributes business profits through a platform developed using blockchain technology. The medical data platform BHealth is a service that collects medical data from hospitals as an agent with personal consent, processes it under pseudonyms, and uses this data to provide benefits to individuals.
Busan City: The extension of the free zone license represents the city's efforts over the past five years.
A spokesperson for Busan City stated: "The extension of the free zone license is the result of the city’s efforts over the past five years to discover various blockchain businesses and utilize the unregulated zone system to build a blockchain industry ecosystem." He added: "This is an example of practical innovation using blockchain technology, not just a simple extension of the deadline."
Other participants in the blockchain free zone plan include six operators such as Sejong Telecom and AI Platform. They stated that in the next three years, they would continue to operate without regulation and explore profit models.
This article about the second largest city in South Korea developing a blockchain special zone, Busan City announces the extension of the blockchain free zone for three years, first appeared in Chain News ABMedia.