Korea

Incheon City, South Korea, is focusing on customized support for companies to foster leading software (SW) companies in the jurisdiction, in line with its promotion strategy to create Incheon as a blockchain hub city. This move is part of the city’s efforts to pre-emptively respond to new technologies such as blockchain and artificial intelligence (AI) and meet the increasing demand for these fields.

Recently, Incheon City announced that three local companies had been selected for the ‘2023 Regional Leading Business Commercialization Support Project,’ a public contest by the Ministry of Science and ICT. The three companies selected are Mondrian AI, JNP Medi, and D35 Co., Ltd. All three companies were chosen through a contest for innovative technologies such as blockchain and artificial intelligence (AI) held by Incheon City prior to participating in the government contest.

The contest project aims to foster software (SW) companies in regions with research and development capabilities and growth potential, providing them with various autonomous support services tailored to their needs to become leading companies with core competencies. The government has secured 576 million won to support these companies, with the total project cost being 1.152 billion won.

Incheon City and the Incheon Technopark Software (SW) Industry Promotion Agency will develop various high-growth programs to nurture these companies into leading firms. These programs will be tailored to the needs of the companies, including technological advancement, domestic and international marketing, testing, technology/management consulting, investment attraction, and internship linkage.

Lee Nam-joo, director of the Future Industry Bureau, said, “I hope that Incheon City’s customized support will contribute to the growth and sales of local companies.” The city is promoting various business support projects to foster future leading companies, such as the Rising Star program, open innovation, scale-up, and fund creation.

In conclusion, Incheon City’s focus on customized support for leading software (SW) companies shows its commitment to becoming a blockchain hub city. With the increasing demand for blockchain and artificial intelligence (AI), the city’s efforts to pre-emptively respond to new technologies will be key in fostering local companies to become leading firms in the future.

#Incheon #korea #crypto2023 #blockchain #azcoinnews

This article was republished from azcoinnews.com

The People Power Party in South Korea, led by lawmaker Yoon Chang-hyun, planned to announce a commitment regarding virtual assets last week, but its statement was postponed indefinitely.
South Korean politics and cryptocurrencies: Delay and reasons
The People Power Party in South Korea, under the leadership of lawmaker Yoon Chang-hyun, faces public scrutiny after postponing its pre-election promise regarding cryptocurrencies indefinitely. This promise included efforts to ease existing regulations and restrictions for cryptocurrencies, including lifting the ban on local spot bitcoin ETFs. The delay was justified by the need for further coordination with government and financial authorities, indicating significant discrepancies in approaches to regulating virtual assets.
Impact on investors and regulator's stance
The national financial regulator reiterated its ban on cryptocurrency ETFs in January, arguing that virtual assets do not meet the standards for underlying assets set forth in the capital markets law. This move comes despite the recent approval of a spot bitcoin ETF by the United States Securities and Exchange Commission (SEC), signaling increased acceptance of cryptocurrencies on the international stage. However, the South Korean Financial Services Commission maintains a cautious stance, citing investment risks associated with virtual assets and remaining in a position to protect local investors from potential instabilities.
Political promises and international perspectives
The recent announcement by the opposition Democratic Party regarding its promises concerning crypto ETFs highlights growing political competition in this area as the general elections scheduled for April 10 approach. Meanwhile, South Korea's Financial Supervisory Service (FSS) is preparing to gain an international perspective by requesting guidance from the United States Securities and Exchange Commission on spot bitcoin ETFs, indicating openness to dialogue and potential review of existing positions based on international trends and standard practices.
This delay and related political maneuvering reveal the complexity of the relationship between government regulation, financial innovation, and political promises. While regulators and politicians weigh potential risks and benefits, investors and cryptocurrency companies remain in anticipation of clearer and more stable rules for their operations and investments.
$BTC
#BTC #ETF #bitcoin #korea

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