Korean Internet Agency KISA in 2020 will allocate $ 9 million to finance projects on the blockchain

The Korean Internet and Security Agency (KISA) in 2020 will allocate $ 9 million to finance blockchain-based projects. At the same time, cryptocurrency companies cannot count on state support.

According to a statement run by the Ministry of Science and Information Technology, KISA will support the blockchain industry for the third year in a row. Plans were discussed at a meeting in Seoul last Friday.

10 projects will be selected for financing next year, while one or two of them will be able to apply for financing for several years in a row. The maximum investment is $ 1.2 million per project, according to Min Kyung-sik, head of the KISA blockchain center.

Both public and private sector projects can apply for funding. Applications are accepted until November 11, and the results will be announced on December 20. The public sector includes any of 400 government and state-related entities, such as central agencies, regional organizations, and public institutions

Although KISA excluded support for cryptocurrency projects and cryptocurrency exchanges, the agency will consider initiatives implemented by large financial institutions, which may include tokens. It is worth noting that in the 2020 plan, there is a noticeable tendency to reduce blockchain financing. In 2019, 12 projects were supported for a total of $ 11 million.

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This year the program included
direct financing in the amount of $ 6 million and reimbursement in the amount of $ 5.4 million. Nevertheless, the average financing for one project in 2020 will remain the same. During a meeting last week, the Korean National Agency for the Promotion of IT (NIPA) also promised to continue supporting blockchain-related projects.