South Korea's Jeju island is seeking to become a free zone for initial coin offerings (ICOs) – a plan that, if approved, would allow crypto projects to conduct token sales in the self-governing province despite the country's tough stance on the issue.
As reported by Korean news outlet JoongAng Daily on Monday, the governor of Jeju province proposed the idea at a meeting last week with central government officials and lawmakers, including Korea's finance minister.
Governor Won Hee-ryong indicted that, through the proposal, he intends to make Jeju island a blockchain hub in which 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, Won is also seeking to form a task force with officials from both Jeju province, the central government and industry experts in a bid to advance his government's support for blockchain development.
Designated as a self-governing province in the early 2000s, Jeju island has enjoyed a high level of administrative autonomy as part of South Korea's effort to boost economic and tourism development in the area.
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