South Korea’s high profile status in cryptocurrency space is leading less crypto-developed nations to seek advice from them in the hope to secure valuable insight in further developing their know-how in the industry.

Both Uzbekistan and Belarus, two central European countries still in development in the space, are turning to the East for support.

Uzbekistan has recently legalized crypto trading in the country and has announced some initial regulations for both trading and mining. The new decree, “On measures to organize the activities of crypto-exchanges in Uzbekistan”, states any company providing for the purchasing of or sale of crypto assets on a platform will be recognized as a legal exchange.

The country, which is now working to create a state-owned, national coin trading platform, also wants to attract foreign exchanges, to which end authorities in the nation’s capital Tashkent have sought the support of the Korean Blockchain Business Association (KOBEA).

As part of an ongoing negotiation, the Uzbekistan Revolution 4.0 project has been formed to further develop the country’s new crypto industry, with KOBEA cooperating with Uzbekistan’s regulatory body, the National Agency for Project Management. Further plans to build a mining center and a blockchain academy and a large research complex in Tashkent are also under consideration with KOBEA on hand for technical advice.

The country is also expecting to call on South Korean cryptocurrency experts in order to begin offering specialized educational courses at universities around the country.

Belarus has no intention of behind left behind in the region. As reported by local news outlet Korea JoongAng Daily, the deputy foreign minister and ambassador of Belarus Andrei Dapkiunas told reporters that the European nation is open to investment into Fourth Industrial Revolution (4IR) technologies; this includes blockchain, Artificial Intelligence (AI), Robotics and the Internet of Things (IoT).

Belarus recently expressed interest in strengthening economic and business ties with during a recent working visit to Seoul, particularity in the fields of fintech and blockchain technology. Diplomats from Belarus are keen to extend the cooperation between the two counties to promote new projects in the country.

 

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