A bunch of unlisted stock exchanged which runs on the Blockchain technology are flocking to South Korea after the county successfully launched a pilot project and allowed regulatory relaxation. Korea Securities Computing Corporation or KOSCOM along with the Blockchain companies are launching projects and services simultaneously. The introduction of these platforms could help the financial sector tremendously.
The only KOSCOM firm to go live yet is 'be my unicorn.' There are more in line set for a later launch, Dunamu is eyeing a September launch while PSX would be looking to get launched in next year February. Dunamu has integrated Samsung securities while PSX has joined hands with Shinhan financial development. Both the platforms are under the careful eye of the financial regulators.
The report states that these companies are crucial for the startups' system in the country, cause if they are monitored properly and safely, it could open floodgates for investment in the country. KOSCOM platform and others that will be launched on it would aid in cutting down on management of shareholders if small and medium-firm, thereby enhancing the quality of trading.
It is also looking to launch a Blockchain-based mobile serviced caller 'Initial' in May, which would help in making login and managing electronic contracts more simple and secure. The service would run on decentralisation identification service (DID).
This development in South Korea is a welcome move to boost the startup ecosystem in the country and help in their growth. The European countries, especially the Netherlands could take a leaf out of their book cause the new government regulations in the country which includes enormous registration fees has led to a shutdown of many Crypto exchanges in the country and also killed many startups prematurely.
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