Ten blockchain startups plan to open offices on Jeju Island.

Jeju Governor Won Hee-ryong invited the leaders of the Korea Blockchain Startup Association to the island.

Once they decide to headquarter their offices on the island, they would enjoy the tax and other benefits the venture capital companies get now.

Once the island is designated as the exclusive business zone for blockchain, their incentives would get higher.

On Nov.2, Governor Won and the leaders would meet. The island is expected to sign a memorandum of agreement with the association for partnership.

The Adpost, which specializes in the digital advertisement, has established its subsidiary on the Jeju Island. The subsidiary Webloc Asia is the first blockchain firm which establishes its office on the island.

Kim Jong-hyup, CEO of the ICON, also showed interest in opening an office on the island.

The Jeju governor has been campaigning for making the island the Crypto Valley in Korea. However, other local cities and provinces are competing. Seoul and Busan have been active in promoting blockchain business.

Once blockchain startups open offices on the island, they will enjoy a three-year tax holiday and a 50-percent cut in corporate tax after that.