Despite Korea’s Inhibitions, Jeju Island Pushes for ICO Regulations

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Spearheading development to establish Jeju Island as a blockchain and cryptocurrency hub, Governor Won Hee-ryong issued a formal request to the Korean government, Aug. 14, to designate the island as a special economic zone for the burgeoning digital asset sector. ICO Regulations Pitched to Government According to Korea Joongang Daily, Hee-ryong held a meeting with high-ranking government officials and policymakers from South Korea–including Kim Dong-yeon, the country’s finance minister and deputy prime minister to discuss blockchain and cryptocurrency regulations. Despite being a legal part of the country, Jeju Island has a separate economic and administrative framework that operates independently, paving a pathway for the jurisdiction to propose ICO regulations irrespective of Korea’s stance. During the meeting, the governor emphasized that blockchain technology represents an opportunity for Korea to supersede other economies by adopting a “global development platform.” He also noted that the Korean government, provincial authorities from Jeju and blockchain consultants