South Korea’s Jeju Island to become blockchain hub

August 14, 2018
Chris Wheal

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.

Blockchain hub

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.

Jeju island

Jeju is known for its beaches

Fears

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.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020