South Korea’s Jeju island will legalize the holding of ICO

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South Korea’s Jeju island will legalize the holding of ICO

The Governor of the Korean province of Jeju Won Hee Ryong intends to make the island a center for the blockchain industry.

Despite the tough stance of the state towards digital currencies, Jeju island could become a special area for the ICO and cryptocurrency.

His proposal Won the Governor announced at a meeting with the South Korean government. At the event, among others, was also attended by Finance Minister Kim Dong-Yeon.

According to the Governor, through his plan, the island will be able to become the center of the blockchain, where startups will be able to conduct the ICO with the aim of attracting funding to develop their own projects.

Vaughn is committed to Korea were among the leaders, not the consumer of a new global industry. He also proposed to form a working group, composed of representatives of the administration, Jeju, Central government staff and experts from the blockchain industry.

The status of an Autonomous province, Jeju island received in the early 2000s. he currently has sovereignty in many issues. The government believes that due to this, it is possible to increase the economic and tourist attractiveness of the region.

The proposal came at a time when the Korean government, following the example of China, announced that ICO unregistered illegal activities to raise funds.

However, lawmakers in South Korea have to discuss the question of lifting the ban on the holding of ICO in the country.

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