The Jeju Special Self-Governing Province will put into effect a law next May to designate the island as the Crypto Valley in South Korea.

In a report Thursday to lawmakers, the provincial government said it would introduce rules aimed at giving cryptocurrencies the particular temporary type of business and exemptions to the banking and other financial laws.

Currently, Korea has no law or rule on the blockchain and cryptocurrency. No definition exists on cryptocurrency. Korea has no guideline.

The province said it would use the blockchain in registering land ledger, settling the rented car bills and tracking the history of electric car batteries.

Lawmakers inspecting the province questioned whether Jeju has any measures to maintain a global competitive edge. Seoul and Pusan have also unveiled plans to create the Crypto Valley.

The lawmakers questioned a Korea Blockchain Association report that Korea could create up to 170,000 jobs over the next four years to 2022 if the government fosters the blockchain and cryptocurrency industry. They said the report was exaggerated.

The lawmakers urged Governor Won Hee-ryong to muster a consensus from the Jeju residents before introducing the Crypto Valley plan.