BTC Wires: Despite being a country that has followed China’s suit to dub all unauthorized ICOs “illegal”, South Korea is seeing a new dream take shape in the Jeju Island that is hoping to become a new blockchain hub. Jeju Island has come up with a proposal to develop itself as a free zone for ICOs (initial coin offerings). If this proposal gets the green signal from the central government, the Island would begin allowing token sales. Although the country has steered clear of opening doors to the crypto industry, this self-governing province is seeking to achieve a break from the norm.
JoongAng, a Korean news daily reported on 13th August that the Jeju governor has put forward the proposed plan in a meeting with central government representatives, the finance minister of the country and legislators.
Won Hee-ryong, the Governor, said that the proposal was geared towards making the Jeju Island a blockchain hub where an innovation ecosystem would be created to allow ICO hosting for fundraising purposes.
As Won Hee-ryong stated, the goal of this proposal is to make sure that Korea no longer remains just a consumer in the emerging crypto industry. If implemented, the proposal could take the country forward in harnessing the immense potential this technology has and even turn it into a global leader in the scene. Besides, this plan also consists of another idea – to form a task force consisting of experts and officials from several spheres: from the province itself, from the central government and the overall crypto space; in order to work on the finer details of government support towards the blockchain and crypto industries.
Jeju Island, which had become self-governing in the early part of the 21st century, has always had a considerable level of autonomy as far as administration is concerned. The country encouraged such autonomy in the hope of increasing the rate of tourism and economic development in the province.
Although it still remains uncertain as to whether or not the proposal will bear fruit, it is quite bold given that it has been put forward at a time when the central Government has taken a hard-line stance towards the crypto space. However, it seems that some hope might be left, especially since legislators of the country have recently been mulling over lifting the ICO ban.