Two governmental agencies in South Korea have reportedly authorized an initiative to financially support the local blockchain sector, with a $3.2 million grant awarded to startups for boosting the tech’s adoption. 

Specifically, The Ministry of Science and ICT (Information and Communications Technology), together with the Ministry of Information and Communication Industry Promotion, will jointly release a pilot initiative – dubbed “Blockchain Technology Validation Support in 2020” – to support their plan. 

The two agencies look to use free public offerings as a means of selection for 9 projects, who will receive funding equivalent to 450 million won ($360,000) each. 

The chosen startups reportedly need to satisfying the following requirements – the excellence of existing performance, the feasibility of future performance and of tech validation, concrete business goals with savvy, expected outcomes, along with the level of possible open vacancy generated. 

The chosen firms need to have offerings that can help amp up economic and social value using blockchain. 

“We plan to support domestic specialized companies to rapidly grow and activate the ecosystem in the early stage of the blockchain market.” Park Yoon-kyu – ICT Minister – reportedly remarked regarding the development. 

Previously, The National Assembly of South Korea has reportedly approved of a revised law, on how to report and use special financial transaction data, with the highlight being the release of a crypto exchange-focused permit system.