South Korea’s Jeju island ups pressure for blockchain hub
Coindesk Korea reported this morning that Governor Won Hee-ryong of Jeju province has upped pressure for a special blockchain and ICO offering status for Jeju island. The ante was raised at a meeting with South Korean president Moon Jae-in where several provincial governors had met to discuss employment creation, with a particular focus on innovation.
New start and standards?
“If Jeju Island is designated as a blockchain special zone,” Hee-ryong is reported as saying, “international standards and regulations on cryptocurrency should be created to ensure that blockchain and crypto companies that are promoting sound businesses both domestically and abroad can conduct businesses in the province.”
JeJu island is already self-governing with considerable commercial, legal and policy autonomy. The hope is that blockchain start-ups could hold initial coin offerings (ICO), overturning the current national ban.
This may be a route to stemming capital outflows as some companies decide to move their coin offerings out of the country. Governor Won Hee-ryong will be well aware of Malta and Singapore’s moves to reinforce their own blockchain ‘friendly’ reputation.
Growing Chinese trade tensions with the US has indirectly affected the South Korean economy.