ICON and Jeju Update Investors on the Progress of Jeju Blockchain Regulatory Sandbox

Seoul in South Korea recently played host to an audience that comprised of the private investors of the upcoming Jeju Blockchain Regulatory Sandbox. The event, held at Jeju, a Special Self-Governing jurisdiction, was to brief them on the progress made so far.

Sponsored by ICON, the meeting was the second in a series of several ones and, unlike the previous one, it was well attended. And some of the key takeaways from it were from Jeju Future Strategy Department’s director, Heeseop Roh, and the company’s Section Chief, called Youngsoo Han. They rolled out the project’s plans which would be hopefully be accomplished by April 2019.

ICON is Fast Establishing its Footing

ICON is gradually growing to be a household name at South Korea’s bustling Blockchain industry. The relationship that this Blockchain behemoth has fostered with Jeju helped to smoothen out the preparation of the just-ended meeting. It has also enhanced the Public-Private partnership, helping several potential investors be part of it.

The meeting was attended by over 60 private investors, mainly drawn from 30 companies. Some of them included Deblock of the ICX Station, ICONLOOP and a host of ICON DApp associates. Representatives of Jeju and Busan were also in attendance.

It isn’t a Coincidence that the Meeting is Taking Place in Jeju, However

For a while now, Blockchain startups have been pitching camp in Jeju. Many of them have found this special, self-governing province a safe, conducive haven to thrive in. In fact, from April, Busan is joining Jeju in becoming what’s now called Blockchain Special Zone.

At the center of Jeju’s pursuit to be a hotbed of all-things-tech and beauty, this region is hoping to have special zones dedicated to Blockchain, Cosmetics and Electric-powered vehicles. This, however, depends on when the country’s Districts Act will finally be enacted.

Jeju’s Fate Rests on the Mercies of the Special Economic Zone Commission

Everything right now, however, depends on if it will apply for special consideration. The Prime Minister headed Special Economic Zone Commission will perform a final review later in July and later give its decision.

With the Ministry of SMEs and Startups accepting the local government’s request to be a regulatory-special zone, startups in Jeju are now guaranteed of three forms of special regulatory. They are confident of a faster regulatory verification, as well as temporary demonstration and approval on top of reduced taxes, monetary support as well as tax backing. It is because of these perks that the country’s Blockchain industry is expected to grow even further.

ICON is hopeful for a blissful future

ICON, on its part, however, expects the success of this investor briefing session to mark the start of greater things. They expect the push for the establishment of regulatory-special to enhance the push for a stronger Public-Private partnership, especially on things concerning Blockchain use.

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