Jeju Island in Korea Seeks to Become Free Zone for ICOs

Jeju Island in Korea Seeks to Become Free Zone for ICOs

The Korean island of Jeju is currently seeking to become a free zone for ICOs (Initial Coin Offerings). If approved, the plan will enable crypto projects to conduct their token sales in the self-governing province of Jeju-do, despite South Korea’s tough stance on this issue.

The idea was proposed by the governor of Jeju-do at a meeting last week with the South Korean central government officials and policymakers, including the country’s finance minister, according to a report published by Korean news outlet JoongAng Daily on August 13.

Won Hee-ryong, Jeju governor said that he aims to make the province a blockchain hub in which crypto projects that focus on innovative ideas will be free to host initial coin offerings as a way to finance their firms and services. He added that the proposed plan will allow him to do just that – turn the self-governing province into a free zone for ICOs.

According to Won, the aim is to make South Korea a leader and not a consumer of this new global tech industry.

Additionally, Won also seeks to form a task force with officials from the province, the central government, and experts in the industry in a bid to advance Jeju’s support for blockchain development.

Jeju island enjoys a high level of administrative autonomy since it was designated as a self-governing province in the early 2000’s as part of the country’s efforts to boost tourism in the area.

The proposed plan comes at a time when the central government has followed China’s move to declare unauthorized ICOs as illegal activities to earn fund.

However, South Korean officials have already been considering lifting the ICO ban.

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