RAPA And Jeju University In South Korea Sign MoU To Promote Blockchain Technology

According to the South Korean news outlet Seoul Economic Daily, the Korea Radio Promotion Association (RAPA) and Jeju University, have signed a Memorandum of Understanding (MoU). With this partnership, the intention is to promote blockchain technology in the country and improve the competitiveness of local companies.

RAPA is known in the country as the firm in charge of the communication between the government and radio broadcasting businesses. At the same time, the Jeju University is a prestigious institution in the country. The university is located at the Jeju Science Park.

With this Memorandum of Understanding, both parties will be cooperating in order to develop blockchain technology within industry-academia relationships. Furthermore, with the MoU they will be establishing a new blockchain ecosystem at the Jeju Special Province and exchange ideas between specialists in the industry and academia.

A competitive landscape for blockchain firms in the country is a very important issue that must be addressed. The blockchain industry around the world has been growing over the last few years and became much more professional and advanced than never before. If South Korea wants to remain an important player in the global market it will have to also enhance the regulatory framework around DLT companies.

South Korea has imposed hard regulations in the cryptocurrency market back in 2017. In 2018, at the beginning of the year, the government improved the regulatory framework requesting companies to be compliant with KYC and AML issues. Initial Coin Offerings are also banned in the country, something similar to what China did back in 2017. Neverheless, in the future, the ban on ICOs could reach an end.

Moreover, the local government has agreed to increase the budget for blockchain projects in 2019 and invest $35 million dollars in the industry.

There are other companies such as the popular messaging app Kakao, that are working with different blockchain projects in the country.

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