FactBlock & KBW Founder, Seonik Jeon, Talks Crypto Ban, Tax & Regulations | South Korea Blockchain News 2022

2 min read

South Korean investors are attracted to cryptocurrencies due to political uncertainty, familiarity with micropayment systems, and economic problems. In the past, the country has always been an early adopter of key technologies that have transformed the world. Peer-to-peer Bitcoin trading reached a record high of $218 million Korean Won in 2019. Furthermore, South Korea is home to crypto exchange giants like Upbit, BitHumb, and CoinOne.
Seonik Jeon: As a journalist, I attended many international events, both domestically and abroad, at the start of my career. When I did so, I observed a startling difference between events held in Korea and those held abroad: whereas events like CES and SXSW in the United States attracted a global audience, Koreans dominated those in Korea. As a result of this diversity gap, I wanted to organize a larger event in South Korea that would attract attention and highlight Korea’s advantages worldwide. For several reasons, hosting a blockchain event was a natural fit for what I envisioned. The more I studied blockchain technology, the more fascinated I became. As a result, the blockchain market really took off in Korea in 2017, attracting significant retail and institutional participation. Finally, Korea is a hub for technology and innovation, so I expected a favorable environment for blockchain adoption and innovation. KBW was created in 2018 as a result of these factors and has been a huge success ever since.

Ishan Pandey: Please tell us a little bit about Korea Blockchain Week and its impact on the global blockchains scene?

Seonik Jeon: Korea Blockchain has provided a platform for entrepreneurs, developers, and industry leaders to showcase solutions, innovations, and applications for five years. In addition to the country’s innovative, progressive mindset and acceptance of new concepts and technologies, Korea has always been an ideal place for such a platform. There is no doubt that Korea is an important market within the global landscape and offers many opportunities. This global interest also presents Korean companies with a great opportunity to showcase their projects.

Ishan Pandey: What are your views on the blockchain startup hub and regulatory framework for Korea in contrast to the rest of the world?

Seonik Jeon: Due to the rapid growth of the blockchain market, even in the absence of regulations, I believe that enacting regulations in Korea will be difficult. Frequently, government representatives debate how to use regulatory monitoring to stabilize the market and protect investors. Regulations around exchanges, custodian wallet providers, and stablecoins are among them. Similar to the way China and the United States approach regulation differently, Korea will also implement regulations that are specific to the Korean market.

Ishan Pandey: By 2025, blockchain technology is expected to be worth $40 billion, as it has grown from an expansive mechanism for securely storing crypto operations to a potential substitute for traditional finance. What are your thoughts on the emergence of blockchain?

Seonik Jeon: Blockchain technology is highly effective in disrupting established sectors, according to Seonik Jeon. As an example, decentralized technologies have enabled the development of new financial products and opportunities that were previously impossible. Our project is still in its infancy, so there will be plenty of blunders and challenges ahead. Despite these obstacles, I believe we will persevere and grow significantly. As the blockchain sector grows over the next few years, many more institutions will adopt it.

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