South Korea’s Digital Asset Industry Committee has expressed their need for assistance from the local government to develop the blockchain industry within the region.
With countries in Asia like Singapore reaching the status of "global crypto hub", other surrounding regions are looking to catch up and expand their blockchain development efforts.
Based on the report by a local news outlet, the Korean Digital Asset Industry Committee, at a gathering on March 3rd, discussed the economic benefits that are brought in by digital assets.
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The committee highlighted the importance of accelerating in the blockchain industry, and not missing out on an opportunity to profit from an emerging technology that brings vast amounts of foreign and local investments.
Likewise, in a previous gathering when the committee was formed, University Professor and President of Korea’s Fintech Association Kim Hyung-joong spoke on the need for support from the government in the blockchain development sector, stating:
"We need to foster at least 10 unicorn startups utilizing digital assets in order to make Korea the fifth-largest economy…"
On the other hand, South Korea seems to be doing pretty well with its metaverse initiatives. Just last week, the Ministry of Science announced that they’ve received $185M funding for its national metaverse project.