Crypto Partnership: NEAR Protocol and Dongdaemun-gu District Join Forces to Boost South Korea’s Web3 Industry

Crypto Partnership: NEAR Protocol and Dongdaemun-gu District Join Forces to Boost South Korea’s Web3 Industry

Near Protocol is embarking on a significant venture to propel the Web3 industry forward in South Korea through a strategic partnership with the dynamic Dongdaemun-gu District in Seoul. This groundbreaking collaboration is poised to unlock the full potential of the Web3 sector, positioning Seoul at the forefront of the blockchain market.

Near Protocol’s Role in Nurturing a Supportive Web3 Ecosystem

The NEAR Foundation has officially unveiled its partnership with the Dongdaemun-gu Office in Seoul, solidifying their commitment through a formal Memorandum of Understanding (MOU). This partnership is geared towards fostering the robust growth of the Web3 industry within the region, offering a myriad of opportunities and support mechanisms for businesses and individuals looking to harness the capabilities of Web3 technology.

One of the core objectives of this collaboration is to streamline administrative processes, facilitating swift approvals and licenses for Web3 projects. Furthermore, it pledges tax incentives to invigorate regional economic development by providing relief on specific local taxes for a defined period.

Recognizing the pivotal role of skilled professionals in the Web3 realm, this partnership will institute a talent training program. This initiative is designed to equip individuals with the requisite skills and knowledge to excel in the Web3 industry, ensuring a continuous influx of talent to fuel 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 will offer comprehensive assistance, including administrative support for permits and licenses, tax exemptions for specific local taxes, and assistance in securing facilities for project operations and development. This comprehensive support is poised to be a game-changer for companies venturing into the Web3 arena.

Additionally, the NEAR Foundation and Dongdaemun-gu Office will establish a permanent communication channel to facilitate seamless collaboration. This open line of communication will ensure that all stakeholders can actively participate in and contribute to the burgeoning growth of the Web3 industry.

NEAR Protocol’s Market-Leading Initiatives

NEAR Protocol, as a global layer 1 blockchain, is committed to lowering barriers to entry into the Web3 realm. With innovative features such as BOS (Blockchain Operating System) and FastAuth, NEAR Protocol provides a user experience akin to Web2, simplifying the transition for newcomers to the blockchain space.

The foundation’s unwavering dedication to offering one-stop services for administrative processes and tax relief lays the foundation for rapid growth and innovation within the Web3 industry. Recent updates reveal that NEAR has made significant strides in improving the cost efficiency of contract deployment, a strategic move that enhances its appeal to prospective projects. Additionally, the network has implemented enhancements in the runtime performance of smart contracts, marking a substantial step forward in its technological journey.

Marieke Flament, CEO of the Near Foundation, expressed her enthusiasm, stating, “We are delighted to foster the Web3 industry in Korea, where world-class talent congregates. We are fully committed to providing education and support to create a sustainable ecosystem. Through the collaboration between the Near Foundation and Dongdaemun-gu, Seoul, we anticipate identifying leading use cases in the public-private cooperation sector.”

While NEAR is among the blockchain networks eager to explore opportunities in the NFT space, it’s worth noting that the level of NFT activity on the network has shown some restraint, as evidenced by a decline in the total number of NFT trades.

In the realm of cryptocurrency regulation, South Korea is taking proactive measures, intensifying scrutiny of various crypto operations and establishing authorities to combat illicit activities. On June 30, 2023, the South Korean National Assembly successfully passed the Virtual Asset User Protection Act, a legislative milestone presented in the form of a bill. Its primary objective is to oversee fair trade practices and safeguard the interests of cryptocurrency investors.