Korea's Jeju Island Seeks to Become an ICO Free Zone Despite Domestic Ban

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South Korea’s Jeju island is seeking to become a free zone for initial coin offerings (ICOs) – a plan, if approved, would allow crypto projects to conduct token sales in the self-governing province despite the country’s tough stance on the issue. Korean news outlet JoongAng Daily reported on Monday the governor of the Jeju province has proposed the plan in a meeting last week with central government officials and lawmakers including Korea’s finance minister. Governor Won Hee-ryong indicted that with the proposed plan, he intends to make Jeju island a blockchain hub where projects that focus on innovation will be free to host ICOs as a way to finance their companies and services. The aim, according to Won, is “for Korea to become a leader rather than a consumer of this new global industry.” In addition, as part of the plan, Won is also seeking to form a task force