South Korea’s Jeju Island to become blockchain hub
South Korea’s Jeju Island, an area known for its beaches, is vying to become a hub for initial coin offerings (ICOs).
If approved, the move by the self-governing province would be a major departure from the policy of the central South Korean government, which has sought to clamp down on ICOs.
The governor of Jeju province, Won Hee-ryong, is reported to have proposed designating the province as a crypto haven at a meeting with top central government officials last week.
He hopes Jeju will become a blockchain hub with companies free to use ICOs as a way to finance innovative projects.
South Korean newspaper JoongAng quoted Won Hee-ryong as saying he wanted Korea to become “a leader rather than a consumer” of the fast-growing, global blockchain industry.
In September last year, South Korea’s financial regulator moved to ban the nation’s firms from participating in ICOs following similar measures in China.
It also outlawed the trading of cryptocurrencies on margin amid fears that South Korean citizens were taking unreasonable risks.