Korea’s Government Will Continue Supporting Blockchain Projects in 2020
- During a meeting, the Korea Internet Security Agency said it will continue supporting blockchain-based projects in 2020.
- The agency has allocated $9 million to support around 10 projects, with the maximum cap for funding being $1.2 million per project.
Cherry blossoms in spring, Gyeongbokgung Palace, Seoul, South Korea. Freepik
Korea will continue its support of blockchain-related projects in 2020, this time the funding available will only be around $9 million, the government announced Monday.
According to the announcement, 2020 will the the third year that the Korea Internet Security Agency (KISA) has supported blockchain projects in the country.
The plans were discussed during a meeting held in Seoul on 25 October, in which the agency ruled out support for cryptocurrency projects or exchanges.
While this year the agency supported 12 projects with a total of $11 million in funding, it will only help 10 projects in 2020. While most projects will be awarded a one-time cash support, a couple of them will be able to receive funding over a number of years.
The maximum funding per project will be capped at around $1.2 million, the head of KISA’s blockchain center, Min Kyung-sik, said.
Projects from the public and private sector have until 11 November to submit their applications for the 2020 funding round, while the chosen projects will be announced on 20 December.
During the Friday meeting, support for blockchain based projects was also expressed by the Korea National IT Promotion Agency (NIPA).
In 2019, among the projects that received financial support from the Korean government there was a donation platform, an used car services platform, and an initial blockchain ID platform, which all major phone companies in the country supported.
- The Bank of Korea has launched a bidding process to choose a tech partner for studying the practicalities of launching a CBDC.
- Expected to run between August and December, the pilot will include simulations for commercial banks and retail outlets, fund transfers, deposits, and mobile payment tests.
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- Huobi Korea has acquired an ISMS certificate from the Korea Internet and Security Agency (KISA).
- The certification will help Huobi comply with the country’s Special Payments Act.
- The Bitwise 10 Crypto Index Fund saw an increase in demand, passing $400 million in AUM.
- The Bitwise Bitcoin Fund and Bitwise Ethereum Fund also experienced big inflows.