The governor of the South Korean province of Jeju Won Hee-ryong plans to make his island the center of the blockсрфшт industry. Despite the tough position of the state in relation to crypto-currencies, Jeju Island can be allocated to a special zone for ICO and cryptocurrency. This is reported by Korea JoongAng Daily.
Governor Won announced the proposal at a meeting with the South Korean government. The event, among others, was visited by the country's finance minister Kim Don Yong.
Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry. For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms].
According to the plan of the governor Won, the blockchain start-ups in Jeju can easily conduct the initial offers of coins (ICO) and collect the necessary funds.
Also, the authorities of the Jeju province propose to create a special structure together with representatives of the state and experts in the crypto-currency area, which will deal with issues of state support for the block industry. There's no news on the mining regulation in Jeju.
Last fall, the South Korean authorities have banned the conduct of ICO, as well as all types of lending in digital currencies, including margin trading.