Despite the ongoing tough stance on initial con offerings by the South Korean government, Jeju Island is seeking to be an ICO free zone. The Korean government has been tough on ICOs but if this plan is approved, crypto projects will be free to conduct token sales in the region.
Yesterday, Joong Ang Daily, a Korean news outlet reported that the governor of the self-governing province had proposed a plan that would see ICOs get the freedom to operate in the Island. The proposal was made last week in a meeting that had Korean finance minister, central government officials and other lawmakers in attendance.
Won Hee-ryong, the governor of Jeju Island said with the proposal he intended to make the province a blockchain hub where crypto projects that are focused on innovation will have the freedom to host initial coin offerings as a way of financing businesses.
The governor’s aim is that South Korea becomes a leader of the new global industry other than just becoming a consumer. He also seeks to form a task force in collaboration with industry experts, officials from the central government and Jeju province which will help advance his government’s support for blockchain development.
For now, it remains to be seen if the proposal will see backing from the Korean government which has followed in the footsteps of China by prohibiting all startups and domestic companies from participating in ICOs.
At the time, the Financial Service Commission said it would prohibit all types of funding through the blockchain regardless of the technical terminology that is used. The ruling also saw the ban of margin trading of cryptocurrencies in the country.
Jeju Island was declared a self-governing province in the early 2000s in a bid to boost the country’s economy through tourism development of the region.
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