South Korean Crypto Know-How and Capital Sought by Uzbekistan and Belarus

South Koreans undoubtedly have some respectable crypto experience and others have taken note. Uzbekistan, which recently legalized the trading of digital assets, has turned to South Korean experts for help in realizing a project to create the country’s first cryptocurrency exchange. Belarus, a leading crypto-friendly destination in the post-Soviet space, is trying to lure fintech investors from Seoul. 

Also read: Projects for Two Mining Pools Under Development in Russia

Uzbekistan Revolution 4.0 Comes With a National Crypto Exchange

Uzbekistan, the Central Asian nation that has recently legalized cryptocurrency trading introducing a licensing regime for foreign crypto exchanges, is now working to create a state-owned, national coin trading platform. Authorities in Tashkent are being helped in their efforts by the Korean Blockchain Business Association (KOBEA), the Uzbekistani outlet Spot reported quoting knowledgable sources.

The two sides have been negotiating for months before signing an agreement to work together on the Uzbekistan Revolution 4.0 project aimed at developing the crypto and blockchain industry in the country. In its realization, KOBEA will be cooperating with the National Agency for Project Management under President Shavkat Mirziyoyev’s office – the regulatory body responsible for the issuance of licenses for crypto trading and the oversight of the sector in general.

Beside the national crypto exchange, the project envisages the building of an industrial mining center and a blockchain academy. KOBEA is also expected to continue to provide technical advice on other Uzbekistani projects in the field of crypto assets and technologies, including the legalization of initial coin offerings (ICOs), the formation of the local crypto mining industry, the use of cryptocurrencies, and the creation of a large research complex in the capital. The government intends to use the expertise of digital economy specialists from South Korea and launch specialized educational courses in the country’s universities.

Belarus Inviting South Korean Fintech Investors

In its efforts to take advantage of the economic development that comes with cryptocurrencies, Uzbekistan is actually following in the footsteps of another former Soviet republic – Belarus. A presidential decree issued by Alexander Lukashenko turned his politically isolated, from western perspective, country into one of the most crypto-friendly jurisdictions in Europe, opening the door for businesses from the space from around the world with favorable regulations and tax breaks. Minsk is fully aware of South Korea’s experience in the fintech industry and has taken steps to attract South Korean investors from the sector.

During a recent working visit to the East Asian country, Belarusian diplomats expressed interest in strengthening the cooperation with businessmen from Seoul who are considering the possible participation in fintech and blockchain projects in Belarus, the South Korean Joongang Daily reported. In an interview with the outlet, deputy-foreign minister Andrei Dapkunas highlighted the innovative character of his government’s policies in the field of cryptocurrencies, blockchain technologies, startups and program development.

The two countries have already established sound business ties in the high-tech sphere. South Korean exports for Belarus include IT products and electronics, while Belarusian companies are importing semiconductors, optical instruments and lasers in South Korea.

Belarus has been also pushing for creating better conditions for the high-tech and fintech industries in Europe. During the regular session of the Parliamentary Assembly of the Organization for Security and Cooperation in Europe (OSCE) in July, Minsk presented a draft resolution “On the digital economy”. The document won support and was adopted unanimously by the member states. Nevertheless, investors and startups are still cautious about the prospects of working in the Belarusian digital space, fearing high risks and the lack of practical experience in the field of innovations.

What do you think of the South Korean involvement with the development of the crypto space in Central Asia and Eastern Europe? Tell us in the comments section below.

Images courtesy of Shutterstock, MFA (Belarus).

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