The cryptocurrency industry has faced significant regulatory challenges in recent years, with the SEC and CFTC taking action against various projects, including sending Wells notices to Coinbase. Amidst this regulatory landscape, the concept of sovereignty and international law has become increasingly important for crypto investors and innovators. The idea is that a new state can create a safe-space for said innovations to flourish – introducing Joseon, the world’s first cyber nation-state with diplomatic relations with a recognized UN member nation.
Understanding the Impact of Sovereignty on Crypto
Sovereignty refers to a country’s ability to govern itself independently. This means that governments can regulate and control activities within their borders, including those of cryptocurrency companies. While some countries offer favorable regulatory frameworks that allow crypto companies to exist in some capacity, others impose stricter regulations or outright bans that limit operations and hinder innovation. In international law, only sovereignty is bestowed the absolute power of existence.
Creating a Nation
Establishing a sovereign nation typically involves a referendum at its best or a tumultuous war at its worst. For Joseon, however, the process is much simpler: it’s already a nation-state.
What is Joseon?
Our new nation, Joseon, is the successor to the original Joseon Empire which was founded in 1392 and was the longest-running dynastic kingdom of Korea. Contrary to popular belief, Joseon never “ceased” to exist when Japan annexed the empire in 1910. The “Annexation” treaty was signed under the duress of armed threat and lacked signatory endorsement from the King of Joseon. International law dictates that a state cannot be extinguished due to belligerent occupation. Furthermore, a 1965 treaty between the Republic of Korea and Japan declared the 1910 treaty invalid and legally null and void. In 2023, Joseon reaffirmed its continued existence through a treaty with Antigua.
A Jurisdiction that Encourages Innovation
As a recognized nation-state, Joseon has established its own regulatory framework in its jurisdiction, allowing its “citizens” (called Denizens) to establish their own corporations. Instead of imposing restrictions on innovation and technology, Joseon aims to provide an environment that encourages creativity and development. This implies that the limits of innovation and technology will be determined by technology itself, rather than by restrictive regulations imposed by nation-states worldwide.
Putting Practice into Reality
There are real concerns about the state of internet legislation, including laws against cryptocurrency and those that limit freedom, such as the RESTRICT ACT and other bills. In contrast, Joseon provides a sovereign cyber jurisdiction free of these burdensome regulations.
Although futuristic in nature, this idea has already been put into practice in reality with BKEX, one of the world’s leading cryptocurrency exchanges. We are proud to announce its ambitious plans to incorporate in our jurisdiction. By operating within our jurisdiction, BKEX can leverage our exceptional legal framework and technological infrastructure.
Additionally, in our capacity as a nation-state with legal recognition, we have introduced the Mun currency (JSM), which offers the benefits of both a legitimate national currency and a cryptocurrency. As a sovereign currency, this is the first unbannable cryptocurrency in the world. It’s available at BKEX and Hotbit.
During the development of Joseon as a cyber nation-state, numerous notable individuals became involved in the project, including Mike Honda, a former U.S. Congressman and DNC Vice Chairman, and Roger Ver, who serves as Chairman of Bitcoin.com, along with many others.
In summary, Joseon’s redefines the nation-state and presents a safe haven for emerging businesses and entrepreneurs, offering an exceptional and inventive take on sovereignty. Technology does not exist to make us lazy, instead, technology exists to make us do more.
Become a Joseon Denizen and truly experience freedom!
Written by Phil Lee
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