Incheon became the fourth city joining the race to become the special blockchain business zone.
The race has now become a four-way competition among Jeju, Seoul, Busan, and Incheon.
Once designated, the central and provincial governments would provide tax and financial incentives to those blockchain companies inside the zone.
However, it may take time because the central government has blacklisted cryptocurrencies and initial coin offerings.
Vice Incheon City Mayor Huh Jong-shik last Friday met leaders of the Open Blockchain Industry Association. They discussed how to make South Korea’s third-largest city a hub for blockchain projects, a Incheon City spokesman said.
Incheon has been conducting a feasibility study for the blockchain projects. It has already the nation’s largest special economic zone and is home to the Incheon International Airport.
Seoul Mayor Park Won-soon and Jeju Governor Won have been cheerleading for the blockchain project.
In a speech at the Jeju Startup Festival Monday, Jeju Governor Won said the island would become a test bed for the IT technology including blockchain. He said the IT technology would change Jeju and upgrade the
Jeju officials said the island is the nation’s first free international city where tourists can enter the island visa-free. It has a special law and decrees, which would make it a special blockchain business zone.
Jeju Governor Won Hee-
Seoul City Mayor has already unveiled a blueprint to make the metropolitan city South Korea’s capital for blockchain projects.
In his recent visit to Europe, including the world’s blockchain mecca of Zug, he unveiled a plan to build complexes housing 200 blockchain startups in Seoul’s Gaepo and
Busan also plans to invest 40 billion won to make it a blockchain hub by 2026. It said its Busan International Finance Center (BIFC) would be the site for the special zone.
