Foreign participants in a Seoul conference supports Jeju Island’s push for its Crypto Valley to house blockchain producers, startups and investors.

In the Block Seoul seminar, titled the Global Crypto Investment Summit at the Sebitseom on the bank of the Han River, foreign panelists, including Jagdish Pandya of Blokon Capital PTE, said a strong central government’s support would be necessary. He advised the central government, and the Jeju City provide tax and other benefits to startups moving to the island. The government can build a comfortable and convenient space so that talented blockchain entrepreneurs can work. He predicted the envisioned Crypto Valley would create many jobs.

However, a cautious voice on the Jeju project also emerged. Once outsiders overcrowd the island, friction between outsiders and environmentalists might arise. Residents may not welcome the coming of outsiders, according to Jung Ji-hoon, professor of Seoul’s Kyunghee Cyber University.

He said full discussion between residents and outsiders about the merit of the Crypto Valley would remove potential friction, he said. He added Jeju citizens are quite sensitive to their natural environment.

However, Jung said once Jeju becomes a blockchain R&D center, it will help the country as a whole.

Critics, however, said all Korean provinces, not Jeju, should become the Crypto Valley. They noted Korea’s free economic zone plans have failed because specific favors are available only to these designated areas. Instead, the whole country should have become