South Korea’s FSC reveals a Brand New Division Created for Crypto
The FSC in South Korea recently made a statement that big and better changes are coming in order to provide the necessary protection for crypto-users and evolving consistently to any financial innovations. As planned, an entirely new cryptocurrency division will closely monitor the crypt-economy within the country.
Slow and Steady
For a few months now, South Korea’s official authorities have been precautious in their involvement with digital currencies and blockchain-tech. Earlier in May, the government approved of conjoined regulations as part of a set of G20. This action alone has displayed a potential interest from the government to continue providing support for the technologies expansion and keeping customer protection in mind.
Following the announcement by the FSC, key points in the announcement included the Financial Innovation Bureau, completely dedicated to advancements and innovations like digital currencies. The FIB will also be tasked with handling financial technology.
Several news outlets within the country state that the idea of putting together a new bureau was conceived during a conference with the MoIS. As of now, the FIB is a momentary division set to operate for two years although the FSC believes that a key monitoring of crypto and blockchain will be huge in advertising fintech throughout Asia’s industries.
FANTOM, a foundation in South Korea stated that the country would be a perfect candidate to trial new innovations involving cryptocurrencies and blockchain platforms. SK is a nation with the fastest internet in the world and with almost no competition in sight. The country is incredibly accepting of new technological innovations and right now, it’s the governments turn to provide an adaptive and popular ecosystem.
Earlier in July, the FSC reviewed the regulations placed for digital currency exchange platforms. As stated by a spokesman, the new changes to the current system were only made due to the adaptive nature of official authorities and as a means of addressing the persistent crime and money laundering involved in crypto.
Digital exchange companies and platforms are now legitimate bodies in South Korea, another step forward by the government. As a global topic of debate considering the early year crackdown on crypto by South Korea, enforcing heavy regulations on the industry, many of the regulations placed were severely criticized.
An earlier report explained how South Korea’s NA suggest the acceptance of national initial coin offerings provided the proper regulations are instilled to ensure investor safety. The suggestion also added that a much needed legal stance on cryptocurrencies was required as well as developments in blockchain to cater to the nation’s industry.