Blockchain startups may soon have a green land in Korea to conduct ICOs after recent reports revealed that the Jeju Island government has a plan to allow crypto projects to flourish in the self-governing province.
According to a local news source, Won Hee-ryong, governor of Jeju Island revealed the plans in a meeting with the central government official and lawmakers which included the country’s finance minister.
The governor spoke extensively on the benefits of blockchain technology at the official meeting and proposed that “entrepreneurs looking to innovate should be allowed to raise funds through cryptocurrency.”
Promoting ICOs and blockchain activities could birth the adoption of cryptocurrencies as a payment option for tourists to the region.
Allowing ICOs will attract new blockchain companies to the Jeju Island and this could lead up to a period of peak economic performance since blockchain finds application in almost every industry under the sun.
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