The New Mayor of South Korean’s Jeju has Pledged to ICO Legalization
June 13, a South Korean campaigner who is also a blockchain and cryptocurrency lover has won the race to become mayor of Jeju Island.
Won Hee-ryong, the new mayor of Jeju Island have told voters ahead of the country’s local elections that he is about to support Jeju-based companies working on initial coin offering (ICO) issuance business.
Won further added that although ICO has been banned by the South Korea central government, he will keep propelling ICO legalization in Jeju Island. He also indicated that the special legal status of Jeju can be use if necessary.
Jeju Island is the largest island off the coast of the Korean Peninsula, despite it is the main island of Jeju Province of South Korea. The island is a semi-autonomous province which subject to its own legal system. Some mainland laws may not apply to this wonderland.
The South Korea administration has imposed a total ban on ICOs in last September. Due to the ban, a portion of crypto and blockchain startups have been moving to other crypto-friendly countries to launch token sales, such as Singapore and Switzerland. The domestic capital market has taken a hit. Until now, South Korea’s National Assembly is still pusing for the removal of the country’s ban on domestic ICOs.
Blockchian and cyptocurrencies are very popular among young generations in South Korea. Won Hee-ryong’s standpoint towards ICO and cryptocurrency has won him 51.7% of the vote on the island province.
Won has promised to establish a “blockchain zone” on the island and issue their own digital currency called ‘Jeju Coin’. He is also about to create a sandbox for cryptocurrency at Jeju Science Park.
If Won comes good on his promises, this will be a great news for cryptocurrency investors and blockchain startups. The South Korean companies that have moved overseas may transfer back to the island if the ban on ICOs can be lifted.