South Korea, a commission for financial services specializing in cryptocurrencies. New steps forward in the cryptocurrency segment.
The Commission for financial services of South Korea has announced the launch of its division that will take care of criptovalute, fruit of what has been announced as an "important organizational reshuffle" by the Commission itself. The reasons given for this change are the need to seek greater consumer protection and "adaptation to evolving financial innovations".
In recent months, the South Korean government took a rather varied approach when it came to trying to discipline the cryptocurrency and blockchain technologies. For example, in April the government accepted a set of regulations proposed by the G20 for digital currencies, suggesting an interest in developing the sector's growth, even if keeping a prudent eye on consumer safety.
Now the Financial Services Commission (FSC) has instead announced a considerable organizational reshuffle through a press release, noting the creation of an Office for financial innovation which will be responsible for responding to "new developments and challenges such as cryptocurrencies", fintech and big data. The office for financial innovation is a temporary body, with a duration of two years, but the plan seems to be to help the development of the digital industry in the long term.
"We think that Korea can be an ideal incubator for testing new virtual currencies and their blockchain systems" - the FANTOM Foundation commented in South Korea - "High-speed Internet infrastructure is already present, unmatched by any other country in the world. And the Koreans are very attracted to new technologies. It is now up to the government to establish a favorable environment for virtual currencies and their blockchains. "
The creation of the Financial Innovation Bureau is also the latest in a series of announcements and activities that have highlighted a positive, though cautious, approach that South Korea is leading towards the cryptocurrency sector.