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South Korea Governor Appeals to President for Making Jeju Island as Blockchain Special Zone

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The governor of South Korea's Jeju Island is firm about his decision to turn the autonomous area into a Blockchain special zone.

Recently the CoinDesk Korea reported that the provincial governors of South Korean Government held an important meeting with the President Moon Jae-in in order to discuss about more job opportunities in Korea. The Governor of the Jeju Province Won Hee-ryong asked the respected president to designate the island as a special hub for blockchain which in turn would allow both international and local companies to conduct their ICOs. This would attract more business towards their Island allowing for the creation of more job opportunities for their fellow citizens.

Won's words were, "If Jeju Island is designated as a blockchain special zone, international standards and regulations on cryptocurrency should be created to ensure that blockchain and crypto companies that are promoting sound businesses both domestically and abroad can conduct businesses in the province."

Won says if the Island is made a Blockchain Special Zone then this would create over 1600 job opportunities which will attract both domestic and international companies who wish to launch their ICOs. Neighbouring countries like China where the home jurisdiction has banned token sale fundraising could also get involved in such opportunities.

Jeju island was established during the early 2000s as a self-governing region. Jeju Island is a high-level administrative autonomy. It has adopted a visa-free policy for boosting up its economic growth and technological development.

"Recently, a South Korean lawmaker named Jung Byung-kuka had hosted an industrial forum which was attended by lawyers and other regulators."

It is to be noted that Won's above proposal is followed by his previous address on the topic which has already been discussed once in a meeting with lawmakers and financial regulators in the country.

Korea is also seen as a country for a rise in growth for the cryptocurrency industry. Today, Korea is working for the growth of the country by easing all regulatory obstacles to ICOs. Recently, a South Korean lawmaker named Jung Byung-kuka had hosted an industrial forum which was attended by lawyers and other regulators. The agenda was to discuss the new guidelines that would facilitate ICOs, reports CoinDesk Korea. Also, the National Assembly has proposed legislation this May, which allows ICOs as long as investor protections are also included.

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