The Korea Digital Asset Industry Committee highlighted the need to create a government organization committed to fostering blockchain businesses.

On Thursday, stakeholders in the blockchain industry and academia gathered to debate on how to better capitalize on the emerging opportunities of digital assets. The panel stressed the importance of fostering digital economy -- as in, cashing in on digital technologies -- in order for Korea to grow into the fifth-largest economy.

“In the era of the Fourth Industrial Revolution, true digital transformation means taking advantage of the growing business opportunities around digital assets. We need to create a government organization at the ministerial level to promote businesses that utilize technologies such as cryptocurrency, decentralized finance, Decentralized Autonomous Organization, nonfungible tokens, and the metaverse.” said Song In-kyu, CEO of Incutech.

In an earlier debate held during the launch of the Digital Asset Industry Committee in mid-February, participants called for a digital New Deal. Steered by the government and involving those in the private sector, the New Deal envisages supporting entrepreneurship in the lucrative field of digital economy.

"We need to foster at least 10 unicorn startups utilizing digital assets in order to make Korea the fifth-largest economy with gross national income (per capita) exceeding $50,000 and stock index reaching 5,000 (points),” said Kim Hyung-joong, a special professor at Korea University’s Graduate School of Information Security and president of the Korea Fintech Association.

CEO Song proposed the need for a favorable tax exemption scheme for Korea to grow into a hub for digital assets.

Lee Han-young, president of the Korea Blockchain Enterprise Promotion Association, said that the association “will work to carefully integrate conflicting positions of the regulatory authorities and the blockchain industry.”

The Korea Digital Asset Industry Committee was launched by leaders of the Korea Blockchain Enterprise Promotion Association and the Korea Blockchain Association Organization Federation, in an effort to bring together the myriad blockchain-related groups scattered across the country.

By Ahn Ju-hee (dianahn@heraldcorp.com)