Despite Korea's Inhibitions, Jeju Island Pushes for ICO Regulations

Spearheading development to establish Jeju Island as a blockchain and cryptocurrency hub, Governor Won Hee-ryong issued a formal request to the Korean government, Aug. 14, to designate the island as a special economic zone for the burgeoning digital asset sector.

According to Korea Joongang Daily, Hee-ryong held a meeting with high-ranking government officials and policymakers from South Korea-including Kim Dong-yeon, the country's finance minister and deputy prime minister to discuss blockchain and cryptocurrency regulations.

Despite being a legal part of the country, Jeju Island has a separate economic and administrative framework that operates independently, paving a pathway for the jurisdiction to propose ICO regulations irrespective of Korea's stance.

During the meeting, the governor emphasized that blockchain technology represents an opportunity for Korea to supersede other economies by adopting a "Global development platform."

He also noted that the Korean government, provincial authorities from Jeju and blockchain consultants should form a cryptocurrency task force to explore ideas for the island as well as ways to propel the blockchain industry globally.

"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."

With such rules in place, the Jeju governor also noted that Korean crypto startups can return to the country instead of moving to other crypto-friendly locations like Singapore or Switzerland, which currently results in both brain-drain and a loss of tax income for the government.

Take ICON, a Korea-based blockchain platform ranked 31st in the world based on market cap, for example; the firm shifted its operations to Switzerland following Korea's crackdown on crypto projects, raising concerns of a talent-drain in the local economy.

Hee-ryong has a lot to conquer before changing Korea's stance toward cryptocurrencies and attempting to make Jeju Island a blockchain hub.

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