The Jeju Self-Governing Province and the Korea Blockchain Law Society signed a memorandum of understanding in Seoul for cooperation Monday.

Jeju Governor Won Hee-ryong and Lee Jung-yeop, judge of the Daejeon District Court, pledged to seek ways of coping with the societal change the blockchain technology would bring about and search for means of promoting the blockchain industry.

They would study ways of regulating the initial coin offering (ICO) in Jeju and propose a legal framework for making the island the Crypto Valley in South Korea for the next two years.

The governor said the two organizations shared the view that a legal framework is necessary for developing and regulating the blockchain technology.

He expected judges, lawyers and members of the association to propose laws and systems to stimulate the growth of the blockchain ecology in South Korea.