The Governor of the Korean province of Jeju Won Hee Ryong plans to make the island a center for the blockchain industry. Despite the tough stance of the state towards cryptocurrency, Jeju island can be allocated in a special area for the ICO and cryptocurrency. This writes the newspaper the Korea JoongAng Daily.
A proposal by the Governor Vaughn announced at the meeting with the South Korean government. The event, among others, called for Finance Minister Kim Dong-Yeon.
“The blockchain is an opportunity for Korea to take a leading position in [the development of] a global Internet platform. Technology will help to reduce costs to ensure stable transactions and, in future, become a revolution for the Internet industry”, — said Won Hee Ryong.
According to the Governor’s plan Won, blockchain startups in Jeju will be able to carry out primary supply of coins (ICO) and to raise the necessary funds.
“Entrepreneurs working in the innovative sphere, should be allowed to raise funds through cryptocurrency” — said Won Hee Ryong.
Also, the authorities of Jeju province propose to establish a special structure in conjunction with state representatives and experts in the cryptocurrency area, which will deal with the issues of state support for the blockchain industry.
We will remind, autumn of last year the South Korean authorities banned the ICO, as well as all types of lending in digital currencies, including margin trading.
ForkLog also previously reported that the financial services Commission of South Korea announced the creation of a dedicated Bureau of financial innovation for regulation of the cryptocurrency sector.
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