The island of Jeju, just off the coast of the Korean peninsula, is becoming a favorite destination for blockchain and cryptocurrency businesses. Policy officials in the island's government administration have begun preliminary deliberations on how to achieve the goal.
Details of Jeju Island Blockchain Plans
Jeju Island Governor Hee-ryong won a meeting in Sejong with high-ranking government officials and policymakers l & # 39; August 8th. During the meeting, the governor formally asked the central government to designate the island as a special area for emerging technology. The Korean Finance Minister and Deputy Prime Minister for the Economy, Kim Dong-yeon, attended the meeting.
The governor proposed that the central government, the provincial government of Jeju Island and private experts form a task force. This task force will discuss how the island could become a cryptocurrency hub in Korea. Further supporting his point, the governor said:
Blockchain is an opportunity for Korea to take a leading role in the development of the global internet platform. Blockchain can cut costs, provide stable transactions and in essence has the potential to become a turning point that could alter the ecosystem of the Internet platform industry. For Korea to become a leader rather than a consumer of this new global industry, we must quickly allow [the operation of] blockchain and cryptocurrency [firms].
Won also that startup blockchain would be free to hold the initial offerings of coins (ICO) on the island. This proposal will attract Korean blockchain start-ups who have organized fund-raising operations in crypto-favorable countries to conduct fundraising activities on national soil. The main decentralized technology companies, including Icon, a Korean blockchain project, support the idea of u200b u200bthe island and are willing to cooperate.
Korea is currently not very friendly towards cryptocurrency trading. In 2017, the Korean government designated ICOs as "fund-raising activities without permission", making them illegal. However, the country has not extended the regulations to completely ban ICOs.
The government's position could be a significant obstacle for Won and the provincial government of Jeju Island. But the provincial government is not discouraged as it is determined to encourage cryptocurrency business in the Island.
The Quest to Earn the tag of "Blockchain Island"
On July 5, 2018, Joseph Muscat, Prime Minister of Malta, confirmed at a press conference that the Maltese parliament has decided to approve three draft laws. These approved invoices had to promote blockchain technologies and the use of cryptocurrency. The parliamentary decision gives these projects a legal status.
Prior to June, the Maltese government approved three cryptocurrencies, making it the first country to do so. The government of Malta has repeatedly shown itself to be Blockchain Island that it was intended to be. Antigua and Barbuda is another island that is striving to achieve the same goal. Together with the magnate, Calvin Ayre, the island government is making great strides to plant the country on the global decentralized technology map.