Jeju Province Governor Won Hee-ryong has proposed that it wants to become a special blockchain zone. The island province seeks to build a hub, called Crypto Valley, where global startups can do business
He proposed the plan in a recent meeting with President Moo Jae-in. Once designated as the special blockchain zone, the island will become a place where experts both at home and abroad will establish a global standard on cryptocurrency and rules so that companies handling blockchain and virtual currencies will do business, he said.
He said the island on the southernmost tip of the Korean Peninsula has a geographical advantage. It has an added advantage because no visa system is in effect as the nation’s only international free city. The governor said the island is best suited for charting global standards on blockchain and cryptocurrency.
He has also been pushing for building the so-called Crypto Valley where global startups on blockchain and cyber currencies will do business.
Switzerland is ahead of South Korea in establishing the Crypto Valley. The 30-km stretch of land from Zurich and Zug has progressive laws, access to skilled human resources and low taxes.
