Contrary to the ban: the Korean island of Jeju can become a "free zone for the ICO"

Contrary to the ban: the Korean island of Jeju can become a “free zone for the ICO”

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The governor of the South Korean province of Jeju Won Hee-ryong plans to make his island the center of the blockchain industry. Despite the tough position of the state in relation to cryptocurrencies, Jeju Island can be allocated to a special zone for ICO and cryptocurrency. This is written by Korea JoongAng Daily.

Governor Won announced the proposal at a meeting with the South Korean government. The event, among others, was visited by the country’s finance minister Kim Dong-yeon.

“Blockchain is an opportunity for Korea to take a leading position in the development of the global Internet platform. The technology will help reduce costs, ensure stable transactions and, in the future, become a revolution for the Internet industry, “Won Hee-ryong said.

According to the plan of the governor Won, the detachment start-ups in Jeju can easily conduct the initial coin offering (ICO) and collect the necessary funds.

“Entrepreneurs working in the innovation sphere should be allowed to raise funds using cryptocurrency,” notes Won Hee-ryong.

Also, the authorities of the Jeju province propose to create a special structure together with representatives of the state and experts in the cryptocurrency area, which will deal with issues of state support for the blockchain industry.

Recall last fall, the South Korean authorities have banned the conduct of ICO, as well as all types of lending in digital currencies, including margin trading.

It was also previously reported that the South Korean Financial Services Commission announced the creation a specialized Bureau of Financial Innovation to regulate the cryptocurrency sector.

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