According to reports by JoogAng Daily, an English language news outlet for South Korea, Jeju Island, an island off South Korea, is seeking to become a blockchain technology haven in which cryptocurrency companies will freely raise funds through initial coin offerings (ICO).
In a formal request to government officials, including the Deputy Prime Minister, Won Hee-ryong, governor of the tiny island, made the proposal asking for the island to be designated a “special zone for blockchain and cryptocurrency” in its interests to become a hub for the blockchain industry.”
New global industry
About 400 KM to the south of the mainland’s capital, the island is a major tourist destination. Per the reports, the Governor indicated that start-ups in the island will be at liberty to offer requests for funds through ICOs. The move, if it goes through, will attract many start-ups from within the country and from far outside the borders.
This move comes amid a flurry of restrictions and moratoria that have been instituted by many jurisdictions, including mainland South Korea. The government official hopes to seize that opportunity to put Korea at the front as a leader rather than a customer in the young and fledgling but new “global industry.” The governor believes that to achieve that, “Entrepreneurs looking to innovate should be allowed to raise funds through cryptocurrency.”
Malta of the East
By the move, the semi-autonomous province of South Korea is seeking to become the “Malta of the East”. This follows the announcement back in early July by the Maltese Prime Minister who confirmed that the Island’s parliament had unanimously decided pass three bills. Per local media, the bills were aimed at promoting blockchain technologies and cryptocurrency use. The decision by the parliament gives these projects a legal status.
The previous month, the government had made it to international headlines by making it legal for some cryptocurrencies to operate in the country. The blockchain technology has earned a friend in the government of Malta and Governor Won hopes to add Jeju Island to the list. Nany analysts still see the move as far-fetched, however.