In a recent announcement aimed at accelerating the growth of South Korea’s Web3 industry, NEAR Protocol has entered into a significant partnership agreement with Seoul’s vibrant Dongdaemun-gu District. This strategic alliance is poised to unleash the full potential of the Web3 sector, positioning Seoul as a frontrunner in the blockchain market.
The NEAR Foundation unveiled this landmark collaboration through the signing of a formal Memorandum of Understanding (MOU) with the Dongdaemun-gu Office in Seoul. The primary objective of this partnership is to cultivate the thriving Web3 industry within the region, offering a wide array of opportunities and support mechanisms for businesses and individuals keen on harnessing the capabilities of Web3 technology.
One of the key aims of this collaboration is to streamline administrative procedures, thereby expediting approvals and licenses for Web3 projects. Additionally, it promises to provide tax incentives aimed at stimulating regional economic development, including relief on specific local taxes for a predefined duration. Recognizing the pivotal role of skilled professionals in the Web3 space, the partnership will introduce a talent training program. This initiative seeks to equip individuals with the requisite skills and knowledge to excel in the Web3 industry, ensuring a steady influx of talent to drive its expansion.
NEAR Protocol, renowned for its user-centric approach and emphasis on usability, will play a central role in supporting teams venturing into the Web3 ecosystem. The foundation is committed to providing comprehensive assistance, including facilitating administrative processes for permits and licenses, extending tax exemption benefits for specific local taxes, and assisting in securing workspace for project operations and development. This holistic support is expected to be a game-changer for enterprises embarking on their Web3 journey.
Furthermore, the NEAR Foundation and the Dongdaemun-gu Office are committed to establishing a permanent communication channel to foster seamless collaboration. This open line of communication will enable all stakeholders to actively engage in and contribute to the growth of the Web3 industry.
NEAR Protocol, as a global layer 1 blockchain, is dedicated to lowering barriers to entry into the Web3 realm. Innovative features like BOS (Blockchain Operating System) and FastAuth offer a user experience reminiscent of Web2, simplifying the transition for newcomers to the blockchain sphere.
The foundation’s commitment to delivering one-stop services for administrative processes and tax relief is poised to pave the way for rapid growth and innovation within the Web3 sector. Recent updates reveal NEAR’s significant strides in enhancing the cost efficiency of contract deployment, a strategic move that bolsters its appeal to prospective projects. Additionally, improvements in the runtime performance of smart contracts mark a substantial technological advancement for the network.
Marieke Flament, CEO of the Near Foundation, expressed, “We are pleased to contribute to the growth of the Web3 industry in Korea, a hub for world-class talent. We are fully committed to providing education and support to foster a sustainable ecosystem. We anticipate that our partnership with Dongdaemun-gu, Seoul, will uncover pioneering use cases in the public-private cooperation sector.”
While NEAR is among the blockchain networks eyeing opportunities in the NFT space, the level of NFT activity on the network has seen relatively subdued activity, evident from a decline in the total number of NFT trades.
On the front of cryptocurrency regulation, South Korea is taking proactive measures to intensify scrutiny of various crypto operations and establish authorities to combat illegal activities. On June 30, 2023, the South Korean National Assembly successfully passed the Virtual Asset User Protection Act, a pivotal legislative milestone aimed at overseeing fair trade practices and safeguarding the interests of cryptocurrency investors.
