The South Korean island of Jeju could become the next cryptocurrency and blockchain technology hub. According to a report by an English newspaper in South Korea, the Korea Joongang Daily, the governor of Jeju Island has officially requested the country’s central government to designate the island a special cryptocurrency and blockchain technology zone.
The request for Jeju to become a cryptocurrency and blockchain technology hub was made during a meeting between the island’s governor, Won Hee-ryong, high-ranking government officials and policymakers.
During the meeting, Won Hee-ryong proposed that the central government and blockchain technology experts form an alliance to gauge how Jeju could become a hub for industry in South Korea.
“Blockchain is an opportunity for Korea to take the lead in global internet platform development,” said Won Hee-ryong.
Speaking of the benefits of cryptocurrency and blockchain technology, the island’s governor added:
“Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry. For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow the operation of blockchain and cryptocurrency firms.”
In an aim to encourage the launch of startups, Jeju’s Finance Minister Kim Dong-yeon said the government will increase investment in emerging technology to 10 trillion won within the next five years.
Jeju Island is being developed as “Jeju Free International City”, where blockchain and crypto startups will be able to conduct initial coin offerings (ICOs).
South Korea’s cryptocurrency and blockchain technology hub
Plans to make Jeju Island a cryptocurrency and blockchain technology hub follow the announcement that South Korea’s Financial Services Commission will create a new cryptocurrency division designed to oversee the nation’s emerging crypto sector and specifically adapt to “changing financial innovations.”
Tighter crypto trading regulations
The new cryptocurrency division seems to be part of South Korea’s new crypto regulatory framework, which has seen the Financial Services Commission welcome legitimate trading of cryptocurrencies and subsequently tighten existing crypto trading regulations on transactions and user monitoring.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.