Despite the South Korean ban on ICOs, the country’s Jeju Island is trying to find a way to become the new haven for crypto and blockchain corporations. The Island’s government administration has already started making plans on how to achieve this.
Jeju’s plans for blockchain and cryptos
Jeju Island has recently announced plans to become the new favorite place for startups, as well as established enterprises, that are dealing with cryptocurrencies and the blockchain technology. A recent meeting in Sejong has seen the Island’s Governor, Won Hee-Ryong, as well as multiple government officials, discuss plans on how to proceed.
The meeting was held on August 8, and it reached its climax when the governor requested that South Korea’s government allow the Islan to become a special zone for further development of the new technologies. The meeting was also visited by Korea’s finance minister and economy’s deputy prime minister, Kim Dong-Yeon.
The governor’s proposal includes the formation of a special task force, that would contain representatives of the Jeju Island, the central government, as well as private experts. The task force’s goal would be to find a way to turn Jeju Island to a crypto hub of South Korea.
The governor elaborated on the idea by saying that the blockchain technology is a large opportunity for Korea to become a global leader in the field of internet platform development. This technology has a potential to reduce costs, improve the stability of financial transactions, and completely change the ecosystem surrounding the industry of internet platforms. If done correctly, Korea can become a leader in the field, instead of limiting itself to becoming just another one of its consumers.
Won continued by adding that blockchain startups need to be able to hold ICOs, which will attract more companies to Korea. Additionally, it will bring back those firms that felt that they have to leave Korea in order to hold ICOs elsewhere. The idea was supported by numerous decentralized tech companies like Icon, which also wish to participate in creating a place where other such companies can thrive.
Becoming the blockchain island
While Jeju Island’s idea has the potential to become a real game-changer for Korean startups, this is not the only island that came up with such a plan. Only a little over a month ago, on July 4, Malta’s Prime Minister, Joseph Muscat, confirmed that the country’s parliament will approve three crypto bills that made headlines earlier in the year.
#Malta 🇲🇹 officially the first country worldwide to have holistic legislative framework regulating #blockchain & #DLT technologies. We will be the #global hub for market leaders in this new sector. Now for the implementation of #BlockchainIsland -JM @SilvioSchembri
— Joseph Muscat (@JosephMuscat_JM) July 4, 2018
The bills would promote the crypto use and blockchain technology, and give them an official legal status in Malta. Additionally, Malta’s government also passed three cryptos back in June, which made it the first country ever to do this. Because of this, Malta has proven several times that the title of Blockchain Island belongs to this island. Now, it remains to be seen whether or not Jeju Island can achieve the same status.