How A Korean Governor Plans To Promote ICOs And Its Implications

At a time when many governments and jurisdictions struggle to figure out how to manage ICOs, reports have emerged that Won-Hee ryong, Governor of Jeju Island in Korea, has plans to turn the region into a hub for blockchain startups.

Won clearly understands what blockchain projects are about and proposed in a recent gathering of top Korean officials that “entrepreneurs looking to innovate, should be allowed to raise funds through cryptocurrency.”

The central government has labeled ICOs as a “fundraising activity without permission,” thus hindering the growth of promising blockchain ideas that would have been hatched within the Korean blockchain ecosystem.

“Blockchain is an opportunity for Korea to take the lead in global internet platform” — Won.

Allowing Jeju Island to exist as a blockchain hub would give new ICO projects a good reason not to follow the steps of their seniors. With the right regulatory frameworks in place, they can carry out crypto fundraising activities on home soil with relative ease.

If it gets even better, then we can expect established blockchain projects such as ICON, whose currency is ranked 36 on the list of top cryptocurrencies by CMC, to make a return to their homeland.

This will boost the South Korean economy massively and allow the country to “become a leader rather than a consumer of the new global industry.” On the other hand, neglecting Won’s call may be the breaking point.

Whether the government grants Won’s request to designate Jeju island as a special zone for blockchain and cryptocurrency is something we’ll have to wait to see.

However, plans for the province to lead the blockchain bandwagon is well in place, since reports also mentioned that the government of Jeju Island and private experts are on course to form a task force that will figure out how the project will be executed.

Having blockchain companies settle in the region will add to its already impressive portfolio as a great tourist site and the possibility of allowing crypto payments for tourists will likely be the first things to be put in place if the “Jeju Free International City” proposal is granted.

The proposal has been drafted and the roadmap defined. Will the proposal be granted? We hope it is.

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