More than 100 Korean blockchain startups plan to relocate their head offices to the Jeju Island once the island provides tax and other administrative incentives, according to a survey.

The survey conducted by the Korea Business Startup Association showed that more than 100 companies out of its 170 member firms showed interest in relocating their headquarters to Jeju.

The association Thursday welcomed Jeju Island’s plan to establish a Crypto hub.

The announcement was made when the KBSA executives and CEOs of the member companies visited the island. The KBSA signed a memorandum of understanding with its counterpart in Jeju, the Jeju Business Startup Association. The two associations agreed to make joint efforts to ensure that the island would become a special blockchain zone where incentives would be provided to blockchain startups.

The JSA said in a statement that Jeju is an ideal place for blockchain business because it is the only no-visa zone in South Korea. It said once the island is designated as a Crypto Valley, many foreign blockchain startups will open their offices on the island. The blockchain industry is intrinsically a global project that needs frequent exchanges and interactions worldwide, it said.

The KBSA also said in a statement that their members visited the island out of the hope that Jeju would become a special zone for blockchain business. It noted that due to the negative impact of the ICOs, Korea’s blockchain industry has an obstacle for takeoff.