South Korea to establish Blockchain Island?


South Korea to establish Blockchain Island? Local media reports state that lawmakers in South Korea have started talks about reallowing ICOs in the country as well as about setting up a Blockchain hub.

22 August, AtoZ Markets – Authorities in South Korea have reportedly commenced discussions concerning cryptocurrency markets earlier this Monday. The meeting has been focused on loosening the country’s ban on Initial Coin Offerings (ICOs) and some other crypto related topics. 

South Korea to establish Blockchain Island?

The National Assembly meeting on Monday has welcomed various government ministries, including the Ministry of Science and Information and Communications Technology (ICT). This gathering comes amidst the heightened interest for Blockchain and cryptocurrency sectors in South Korea. 

Aside from debating on the topic of ending the ICO ban in the country, South Korean officials have been discussing the possibility of the creation of the country’s own ‘Blockchain island.’

Focused on the Jeju Island resort, strategy for “special zone for global blockchain and cryptocurrencies” mirrors the direction adopted by Malta some time ago. 

Local online reports stated:

 “…Discussions to allow ICOs are expected to gain momentum along with preparations of investor protection measures and organization of a task force to establish order in cryptocurrency trading.” 

Reports also added that the authorities needed to first “clarify the legal definition of cryptocurrencies” before making any other significant steps.

South Korea Blockchain Youth Training Program

Local publications go on to quote one of the “industry insiders” as saying:

“The South Korean government prohibited all types of ICO in September last year and has come up with no related policy since then. The entire industry is paying much attention to how its stance will change through various discussions in the National Assembly.”

This week will also see a policy discussion regarding Blockchain’s role in the political party structure. 

Earlier this month, the ICT Ministry has shared its plans regarding the next round of its youth training initiative. The program is focused on Blockchain and some other economic areas. 

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