South Korea’s Jeju Island is looking to become a free zone for conducting Initial Coin Offerings (ICOs) where projects that focus on innovation will be free to host ICOs as a way of fundraising.
Won Hee-ryong, the current governor of the Jeju province has proposed the plan in a meeting last week with lawmakers including Korea’s finance minister and central government officials. If the plan is approved, crypto projects will conduct token sales in the self-governing province despite the domestic ICO ban.
According to Won, Korea have to become “a leader rather than a consumer of this new global industry.” The governor is also seeking to form a task force with officials from both the central government and the Jeju province as well as industry experts, in a bid to advance his government’s support for blockchain development.
As a reminder, last fall, South Korea’s financial regulator has prohibited domestic companies and startups from participating in initial coin offerings (ICOs).