Jeju Island is accepting applications from companies to establish the Crypto Valley where blockchain developers could do business without the existing regulations and rules.

The province Thursday held an investor relations (IR) meeting in Seoul’s Signature Tower Building to outline its plan to establish the Blockchain Regulation-Free Special Business Zone in the island.

After accepting applications, the province would establish the special regulation-free zone.

Jeju wants to invite up to 201 companies to do business in the area where they are free from regulations and enjoy tax exemptions and reductions.

It hopes that foreign companies would file applications.

The island is seeking to allow companies to raise funds through initial coin offerings (ICOs).

Jeju wants to bypass the Financial Supervisory Commission, which prohibits ICOs in South Korea.

A Jeju Provincial government official said it would be reviewing whether the ICOs are possible within the Jeju Provincial Government Law.