South Korean Island Aims to Become a Blockchain and Cryptocurrency Hub

The South Korean island of Jeju has formally requested permission from the central government to establish itself as a special zone for blockchain and cryptocurrency. Local media reported on Monday that the initiative aims to allow Initial Coin Offerings (ICOs), which are currently prohibited in the country, in order to attract Korean investors back to the market. Provincial governor Won Hee-ryong emphasized this concept during discussions about transforming Jeju into a blockchain hub.

Following a meeting with senior policymakers in the region last week, Won decided to pursue this status for Jeju, which holds a unique economic position in South Korea as a free international city.

“Blockchain can cut costs, provide stable transactions, and has the potential to be a game changer that could transform the ecosystem of the internet platform industry,” he stated.