In South Korea continue discussions on the special zones for Blockchain-sector

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Jeju island in South Korea could become a center of industry and Primary Blockchain coin offerings (ICO) in the country, because the Governor of the island proposed a similar concept during the governmental meeting.

Repeating ambition of Malta, the South Korean self-governing region of Jeju island is making a bid to become a special area-oriented sector blockchain technologies. This is particularly evident in the fact that in the region may be allowed to operate in the ICO project, which is currently banned in the country.

The development of the sector Blockchain in South Korea

At a recent meeting organised by the provincial governors, which was attended by the President of South Korea moon Jain, the Governor of Jeju island, Won Hye-Ryong clarified his position and plans on the proposal.

The meeting was held in the context of creating new jobs in the country, which is currently an important issue, given the recent announcement of the “Innovation investment plan” in the amount of 4.4 billion US dollars, which is focused on the latest technologies including the Blockchain.

Governor Wong believes that the special area of Jeju island will create about 1,600 jobs. He added that if this proposal is accepted, both domestic and foreign companies will be attracted to doing business in the region, especially those based in countries with a ban on ICO.

The Malta effect

Malta is a Prime example of a small country, successfully creating a friendly environment for the sector Blockchain with an extremely active approach to the placement of start-UPS and larger companies in the industry.

The transformation of Malta into a centre of innovative development led to the rapid advancement of the regulatory framework and other events that confirm the importance of innovative technologies.

Vaughn said

“If Jeju island will become a special area for the Blockchain and the ICO should be established international standards and regulations for cryptocurrency businesses within the country and abroad, could conduct business in the province”.

Earlier it was reported that companies from China and Singapore have created a development Fund to support start-UPS from industry and IoT Blockchain.

Author: Olga Novikova, analyst Freedman Club Crypto News
Image from Fotolia

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