The small South Korean Island, Jeju is now planning to become another favorite place for the crypto lovers. They proposed a plan where ICOs will be allowed in this autonomous province despite the ban in South Korea.
The governor of Jeju Island made a formal proposal to the central authorities of South Korea to make this island a special zone for blockchain and cryptocurrency. The governor of Jeju Island, Won Hee-ryong made this proposal during a meeting with some of the government officials including Korea’s finance minister and also the deputy prime minister for the economy. On this meeting last week many policymakers attended as well.
Jeju Island is the largest island in the Korean Peninsula and it is also a very popular tourist place. It is almost 400 kilometers south of Seoul and this province wants to create another option for tourists that will likely come as crypto enthusiasts but also to enjoy everything the island has to offer. The governor Won made clear that all startups on this island are going to be free to hold ICOs and this would contribute to make this an attractive destination for domestic startups as well that seek fundraising. Won made clear that entrepreneurs should be allowed to raise funds via cryptocurrency.
Won told the policymakers “Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry.’’
We can only wait to see if the South Korean lawmakers will also join this small island in being a great place for all crypto enthusiasts.
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