Korea’s Financial Regulator To Establish Positive Cryptocurrency Policy Body
Primary financial regulator of South Korea will establish a new policy-making body centered on nurturing Korea’s fintech industry with a specific focus on cryptocurrency and blockchain technology.
According to The Korea Times reports, the Financial Services Commission (FSC) is set to establish a new policymaking body named the Financial Innovation Bureau to proactively help the fintech industry while formulating policies for the cryptocurrency sector.
The decision to establish the new body was taken during a cabinet meeting between the FSC and the Ministry of the Interior and Safety this week amid an organizational reshuffle to better safeguard investors while nurturing financial innovation bought on by new technologies like blockchain and cryptocurrency.
An FSC official said:
“The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.”