South Korea’s Jeju island is currently trying to turn into a free zone for first coin offerings (ICOs) — a strategy which, when approved, would enable crypto jobs to conduct nominal sales in the in-state state regardless of the nation’s tough stance on the problem.
As reported by Korean news outlet JoongAng Daily on Monday, the governor of Jeju state suggested the concept at a meeting last week with central administration officials and lawmakers, such as Korea’s finance minister.
Governor Won Hee-ryong indicted that, through the suggestion, he plans to make Jeju island a blockchain hub where projects that are focused on creation would be free to sponsor ICOs as a means to fund their companies and solutions.
The target, based on Won, is “for Korea to become a leader rather than a consumer of this new global industry.”
In addition, Won is also trying to make a task force together with officials from the Jeju state, the central authorities and industry specialists in an attempt to progress his administration’s support for blockchain growth.
Designated as a self-governing state from the first 2000therefore, Jeju island has enjoyed a high degree of administrative freedom as part of South Korea’s attempt to boost tourism and economic growth in the region.
However, lawmakers from the nation have been talking lifting the nation’s ICO ban, as formerly reported from CoinDesk.
Jeju island picture via Shutterstock
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Original post first appeared in https://www.coindesk.com/koreas-jeju-island-seeks-to-become-an-ico-free-zone-despite-domestic-ban/