The island of Jeju is known as “the Hawaii of South Korea.” Sitting in the Korea Strait, it is a favored vacation spot. Now the autonomous region wants to be known as a paradise for blockchain and initial coin offerings.
According to CoinDesk, South Korean provincial governors recently hosted a meeting with President Moon Jae-in to discuss job creation in the country. That’s when Jeju’s governor, Won Hee-ryong, made his pitch for the island to be designated as a special hub for blockchain and to allow companies to conduct ICOs.
South Korea’s National Assembly may make that a reality. Business Korea reported that last week the legislators discussed measures to promote the blockchain and cryptocurrency industries, create guidelines on initial coin offerings and discuss whether to designate Jeju as a special zone.
The guidelines are important because ICOs have been banned in South Korea since September 2017. Allowing ICOs makes sense for a nation where much of its younger population is investing in cryptocurrencies anyway. Meanwhile, Jeju waits.