What’s Going On?
The South Korean island of Jeju could become the Malta of Asia if new blockchain and cryptocurrency proposals are adopted.
Why Does It Matter?
Jeju Governor Won Hee-ryong asked the government to designate the island a special zone for blockchain and cryptocurrency last week at a meeting between high-ranking government officials and policymakers at Sejong, reported the English-language newspaper Korea JoongAng Daily.
“Blockchain is an opportunity for Korea to take the lead in global internet platform [development,]” said Won during the meeting. “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].”
What’s The Grand Plan?
The governor’s aim is for South Korea to become a leader of the new global, reported Cryptoline News. He also wants to form a task force in collaboration with industry experts and officials from the central government and Jeju province. It is hoped this will help advance his government’s support for blockchain development.
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, reported Crypto Disrupt.
Blockchain companies welcomed the idea and are said to be in talks with the government of Jeju Island on how they might cooperate, reported EconoTimes.