NHN, the parent company of South Korea’s monopolistic portal site Naver, has suspended all of its blockchain projects.

It announced that it stopped all ongoing projects with the partner companies. It decided the suspension as the government does not set forth rules and regulations.

It said it has no plan to do the business through its overseas subsidiary in Singapore. However, it said it would continue to research on blockchain business.

Last year, NHN unveiled its main net Pebble Core, its Pebble Token, Pebble Pay and Pebble Tracker.

It had planned to realize free settlement, transparent settlement, and the token economy through its main net.

An NHN spokesman said the government has yet to legislate bills or policies on the blockchain. Many obstacles are ahead of blockchain companies in overseas remittance and settlement.

It has yet to decide whether to continue the project at its subsidiary in Singapore where companies do blockchain business and raise capital through initial coin offering (ICO).

A blockchain startup executive said a massive amount of capital and talented human resources would move out of Korea in search of finding business offshore.