South Korea’s Crypto Industry Shines at Block Seoul Conference

Like a dragon lying dormant, South Korea is waiting for its once inexhaustible cryptocurrency market to wake up again. The country’s history with blockchain innovation and cryptocurrency investment is colorful, with an investing populace that has a strong penchant for the new asset class as evidenced during 2017’s epic bull market. Last year, South Koreans disenchanted with stale equity and real estate markets went all-in on crypto, pushing local prices of their favorite coins (like Ethereum) to as much as a 30% premium over other global markets. This is commonly referred to as the “kimchi premium”.

Data shows that not only do Koreans buy crypto more frequently, they also buy it in greater quantities. Startups in South Korea have historically embraced the ICO concept and pursued it in impressive numbers as well. With such willingness to embrace new investments and business models comes a risk for the country’s own economy, which led regulators to stifle the young market with the introduction of a few key laws in early 2018.

The stance regulators took was suppressive, but not as harsh as it could have been. Accordingly, those who have remained vigilant to trends in South Korea are justified in their hope for a resurrection. No other event will shine a more optimistic light on crypto’s future prospects in South Korea than September’s upcoming Block Seoul event, however.

Block Seoul represents a highly anticipated conference this year and is considered one of the premier global blockchain gatherings. Its prominent guest speakers, South Korea’s relevancy and stance towards crypto trends, and the evolving trends themselves could be the perfect storm that shines new light on what to expect going forward. Block Seoul is even more pertinent at a time when regulators are willing to give hints at how the technology will flourish under their watchful eyes, but also as institutional entities are finding ways to employ blockchain behind the scenes.

Block Seoul is hosting big names such as Jimmy Wales of Wikipedia, former Governor of New York David Paterson, former Director of US National Intelligence James Clapper, co-founder of BTCC and Bitcoin Foundation board member Bobby Lee, and Jun-Hee Ryu, CEO of FuturePlay. Each of these thought leaders are invited to discuss their expert perspectives on blockchain-related matters.

Not only is the Block Seoul gathering crucial due to its impressive list of speakers, it also comes at a contentious moment for cryptocurrency and blockchain worldwide. There are several events that line up nicely with Block Seoul that give it even more gravity, including the formation of South Korea’s Blockchain Law Society. The Society is composed of a body of influencers in national finance, technology, public policy and law.

The first meeting was convened last Friday on August 24th to discuss how to provide regulatory clarity and structure for cryptocurrency’s inevitable return to South Korean markets. Moreover, the country’s recently approved $918 million 2019 blockchain budget is also a hot topic for ambitious VCs. Late September will also see further guidance from the US SEC on cryptocurrency-settled ETFs as well, which could provide momentum to the market worldwide.

At a time when positive news for blockchain has an inverse relationship to the price of coins and tokens, it’s only fitting that the conference itself lay at a literal crossroads, at the SEBITSEOM Seoul Floating Island complex—the center point of the city’s Gangnam, Yongsan, and Itaewon neighborhoods.

Big things are in store for cryptocurrency in South Korea, with many of them likely to be put on paper during the upcoming Block Seoul conference—an exceedingly ripe opportunity for both progress and profit. The event serves two purposes, to further blockchain technology for the benefit of humanity, but also to leverage the country’s vast array of ICOs, investors, VCs, and banks together in a productive manner.

With the wake from 2017’s crypto market turbulence finally giving way to calmer waters, it’s not difficult to imagine that the Block Seoul conference will elevate the conversation about blockchain technology. However, one can’t assume that the market won’t react to announcements of partnerships, regulator perspectives, new releases, acquisitions, and other news leaking from Block Seoul—especially in South Korea.

With the greater context gained by the event’s collection of expert speakers and tech wizards, the global cryptocurrency market and blockchain innovation industry’s outlook will benefit demonstrably.