“We want South Korean Government to materialize guidelines related to blockchain.” said CEO Hong Joon of Jeju’s first blockchain company called weBloc.
“We are currently preparing blockchain-related business in Jeju Island while giving on our plan to establish a foreign corporate.” said CEO Hong who held a small discussion in Jeju Island on the 26th. “We are facing many difficulties even though we have hired tens of employees and established business plans as there have yet to be any detailed guidelines.”
weBloc established weBloc Asia Corporate in Jeju Island and is planning to start its blockchain business in November. It is preparing advertisement platform business by connecting its token compensation service with its affiliated stores in Jeju Island for residents in Jeju Island or tourists.
“There is not any guideline set up by South Korean Government and process of establishment of special zone for blockchain industry in Jeju Island is still unclear.” said CEO Hong. “Although we have established a detailed business model with Mobidoo, which specializes in sound wave payment, we are not making any process since there is not any guideline.”
weBloc is planning to expand its business towards Vietnam, Thailand, and Indonesia in 2019. CEO Hong is asking South Korean Government to present its stance on blockchain industry as its plan is going to require a lot of money.
He also presented his opinions regarding special zone for blockchain industry in Jeju Island. “Although Jeju Island is optimal for blockchain industry, it will be favorable for many blockchain companies if South Korean Government establishes many crypto-valley zones so that there can be a positive cycle within blockchain ecosystem from competitions between local governments.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com