🇰🇷 South Korea's Jeju island seeks to become ICO hub despite domestic ban
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. According to Korean news outlet JoongAng Daily Jeju province governor Won Hee-ryong indicted that, through his 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 proposal comes at a time when Korea's central government has followed China's lead in announcing that unauthorized ICOs are deemed as illegal fundraising activities.
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