In a recent announcement to accelerate the development of the Web3 industry in South Korea, Near Protocol has inked a pivotal business agreement with the vibrant Dongdaemun-gu District in Seoul. This partnership is set to bring the full potential of the Web3 industry, sending Seoul to the top of the blockchain market.
Near Protocol To Create Supportive Web3 Ecosystem
The NEAR Foundation unveiled its collaboration with the Dongdaemun-gu Office in Seoul through a formal Memorandum of Understanding (MOU). This partnership aims to drive the flourishing Web3 industry in the region, offering a wide range of opportunities and support mechanisms for businesses and individuals seeking to utilize the capabilities of Web3 technology.
The collaboration seeks to simplify administrative processes, enabling expedited approvals and licenses for Web3 projects. Additionally, it promises tax incentives to stimulate regional economic development, offering relief on specific local taxes for a defined period.
Recognizing the vital role of skilled professionals in the Web3 space, the partnership will establish a talent training program. This initiative aims to equip individuals with the necessary skills and knowledge to excel in the Web3 industry, thereby ensuring a steady influx of talent to fuel its expansion.
NEAR Protocol, known for its user-centric approach and focus on usability, will play a pivotal role in supporting teams entering the Web3 ecosystem. The foundation will provide comprehensive assistance, including administrative support for permits and licenses, tax exemption benefits for specific local taxes, and aid in securing space for project operations and development. This all-encompassing support is set to be a game-changer for companies venturing into the Web3 arena.
Moreover, the NEAR Foundation and Dongdaemun-gu Office will establish a permanent communication channel to facilitate seamless cooperation. This open line of communication will ensure that all stakeholders can actively participate in and contribute to the growth of the Web3 industry.
Near Protocol Sets Standards In The Market
NEAR Protocol, as a global layer 1 blockchain, is committed to lowering the barriers to entry into the Web3 world. Through innovative features like BOS (Blockchain Operating System) and FastAuth, NEAR Protocol offers a user experience akin to Web2, simplifying the transition for newcomers to the blockchain space.
The foundation’s dedication to providing one-stop services for administrative processes and tax relief paves the way for rapid growth and innovation within the Web3 industry. According to the latest update, NEAR unveiled significant advancements to improve the cost efficiency of contract deployment, a strategic move that enhances its appeal to prospective projects. In addition, the network has implemented enhancements in the runtime performance of smart contracts, marking a substantial step forward in its technological path.
Marieke Flament, CEO of Near Foundation, said, “We are happy to be able to foster the Web3 industry in Korea, where world-class talent gathers. We will spare no effort in providing education and support to create a sustainable ecosystem. We expect that we will be able to discover leading use cases in the public-private cooperation sector through the agreement between the Near Foundation and Dongdaemun-gu, Seoul.”
NEAR is among the blockchain networks wanting to grab opportunities within the NFT space. Nevertheless, the level of NFT activity on the network has been relatively low, as indicated by the decline in the total number of NFT trades.
In terms of crypto regulation, South Korea is making its move as it intensified its scrutiny of several crypto operations and formed authorities to combat illegal activities. On June 30, 2023, the South Korean National Assembly successfully passed the Virtual Asset User Protection Act. This legislative milestone, presented in the form of a bill, carries the primary objective of overseeing equitable trade practices and safeguarding the interests of cryptocurrency investors.
