• Sat, 20 Jul 2019, 09:20 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

South Korea’s Jeju Island seeks to become blockchain hub

Mon, 13 Aug 2018, 04:32 am UTC

The South Korean island of Jeju is seeking to become a hub for the blockchain industry, according to Korea Joongang Daily.

During a meeting last week, Governor Won Hee-ryong requested the central government to designate the island a special zone for blockchain and cryptocurrency. The meeting was attended by top government officials including Kim Dong-yeon, Korea’s finance minister and deputy prime minister for the economy.

Hee-ryong also proposed to set up a task force in collaboration with the central government, the provincial government of Jeju Island and private experts to explore the ways in which the island can become a hub for the domestic blockchain industry.

“For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms],” Won said.

In addition, Hee-ryong is seeking to make the island ICO-friendly, by allowing blockchain startups to conduct initial coin offerings (ICOs). Korean startups have to currently look at different jurisdictions for their ICOs after the government declared them as “fundraising activity without permission” last year, essentially making them illegal.

“If ICOs were allowed in the country, it would prevent the outflow of capital from Korea,” said an industry insider. “Korea has so many good projects which, unfortunately, all decide to do their coin offering elsewhere due to the government’s stance.”

Blockchain companies are welcoming the idea and are reportedly in talks with the government of Jeju Island on how they could cooperate.

“We are currently in the process of a reshuffle to create a department dedicated to developing the blockchain industry on the island,” explained an official from the Jeju provincial government. “Things will become more materialized by the end of this month.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,590.30 (+1.52%)
  • Ethereum (ETH) $226.00 (+2.61%)
  • XRP (XRP) $0.326300 (+2.76%)
  • Litecoin (LTC) $99.03 (+1.12%)
  • Bitcoin Cash (BCH) $312.16 (+1.33%)
  • Bitcoin (BTC) $10,590.30 (+1.52%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft