A formal request was sent by the island’s governor, Won Hee-ryong to have the Korean government name the island as a special area for blockchain start-ups. The request was filed during meeting of government officials and policymakers at Sejong.
Won mentioned that “Blockchain offers chance for Korea to become a global leader in the global internet platform”.
He expressed his desire for the provincial and main government to work together along with private experts. The assembled task force would further discuss the island’s opportunity in becoming a hub for the crypto industry in Korea.
Jeju Island development can prove extremely beneficial for Korea
Won said that the island has aspirations to become the “Jeju Free International City” and has the potential to aid the government in implementing the required measures to develop and sustain the emerging industry. He also proposed dramatic deregulation on the territory of Jeju.
Blockchain technology’s ability to decrease costs and provide transaction security is why it will become a game changer that will change the internet platform industry. Won’s wish is for Korea to become a leader rather than a user of this global innovation.
Blockchain start-ups in Jeju Island will be free to conduct ICO’s and distribute tokens and coins to potential investors. Won thinks that every form of innovation should be allowed to raise capital through crypto.
One of Won’s greatest wishes is that Korean projects, which were forced overseas into countries with more favourable regulations such as Singapore or Switzerland, will be happy to return home and conduct their fund-raisers.
This project is met with huge approval from global blockchain companies. Many companies have already started talks with Jeju Island on the topic of future cooperation.
The central government’s stance can prove to be a huge obstacle with the odds stacking heavily against the project being allowed.
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