It's Time for Local Governments to Break Blockchain's Regulatory Gridlock

Combining blockchain with cryptocurrencies is an inevitable step to fully utilize the technology's potential.

Blockchain lends creditability to cryptocurrencies, while cryptocurrencies enable a diverse range of business models that can help to drive blockchain's growth.

When it comes to the blockchain industry, Jeju Province's primary goal is identifying and promoting a variety of blockchain projects through cooperation between the public and private sectors.

Jeju is currently involved in negotiations to introduce blockchain in a number of fields including traffic management, VAT refunds to foreign tourists and the management of scrap batteries.

Overall, we believes that supporting the private sector to create a variety of service models is preferable to investing taxpayer money to build a blockchain complex and provide services led by the public sector.

As a free international city, Jeju aims to use its institutional autonomy to create a special regulatory zone for blockchain and cryptocurrencies, which represent new global industries and require an institutional foundation.

A regional special blockchain zone has two main advantages.

The second advantage we would have as a special blockchain zone is speed.

Why are we moving now? From a long-term perspective, we are at the point where overheated expectations have settled down, and the market can be viewed from a more rational standpoint, making this the right time to establish proper institutions for blockchain and cryptocurrencies.

Yes, the blockchain and cryptocurrency markets are cooling down rapidly due to a sharp decline in cryptocurrency prices recently.