Seoul, Jeju plan to open blockchain special zones in April

Major cities and provinces, including Seoul, Jeju, and Busan plan to open regulation-free zones for blockchain developers next April.

From April, the government would allow regulation-free zones where 201 regulations would be exempt. Companies inside the zones would also enjoy tax cuts and financial support.

The local autonomous bodies including Seoul, Jeju, and Busan, would invite blockchain companies inside the zones.
They expect the blockchain developers to create more jobs.

Most active is the Seoul Mayor Park Won-soon, who has unveiled a five-year plan to make the metropolitan a hub for blockchain industry. He revealed the project in the small Swiss town of Zug, the global center of the cryptocurrency and blockchain business.

Jeju Governor Won Hee-ryong has formally asked President Moon Jae-in to designate the island the special blockchain zone.

Seoul would spend the largest amount of 123.3 billion won over the next four years to 2022 in making Seoul smarter than before by using the blockchain technology.

Mayor Park said the city would support to blockchain and fintech startups. He also plans to provide incentives to these startups. Seoul would open buildings for about 200 blockchain startups.

Jeju would attract private capital to foster the island as South Korea’s Crypto Valley. The island would allow the initial coin offering (ICOs) for blockchain developers. Currently, ICOs are banned in South Korea.