It is interesting to see the different dynamics in the initial coin offering (ICO) sector. In some countries, they will embrace ICOs and blockchain to the roots, whereas others don’t want anything to do with them.
This is despite the fact that so many amazing innovations have come from this type of technology and will continue to do so in the coming years.
Certain countries such as South Korea and China have gone so far as banning ICOs from taking place on their shores, whereas a lot of western countries issued warnings to investors that they should be investing in token sales at their own risk.
One area that is looking to establish themselves in the ICO sector and to be recognised as a hub is that of Jeju Island, but they need approval form the Korean authorities in order to do so.
What are the details about their proposal?
Jeju Island’s governor is adamant that they want to transform the currently autonomous region and make it a zone that encourages and cultivate ICOs and blockchain technology.
It ah been pitched to the South Korean government that the island should be allowed to become a special hub when it comes to blockchain and to lift the ban in place on ICOs.
The governor discussed how more than 1,600 new jobs could be created as a result of companies from both home and abroad setting up shop on the island in order to launch their own ICOs. This would be a key progression, especially with so many Chinese companies looking to hold ICOs but not being allowed to do so on their home shores due to the ban.
The island has governed itself since the start of the century and they are autonomous in a lot of different matters. It also appears that South Korea is looking to dismantle the current ban in place on ICOs once they release their new guidelines for cryptocurrencies, which is due in the near future.
The relevant legislation has already been proposed back in May and it seems like only a matter of time before this comes to fruition. In the meantime, if Jeju Island were given the green light to hold ICOs on their island, this would stop South Korea from losing a lot of companies who are forced overseas in order to hold their ICOs.