The new department will make policies and recommendations about the use of crypto and blockchain technology.
According to a July 17 press release, the Financial Services Commission (FSC) in South Korea announced it will create a department specifically focused on the nation’s cryptocurrency industry.
The new Financial Innovation Bureau is part of a restructuring effort by the FSC. The department will reportedly be a temporary body with the mandate of helping to cultivate the country’s FinTech industry. Over a span of just two years, it will be responsible for developing policies around technologies such as big data that can shake up the financial sector, as well as staying a step ahead of developments in cryptocurrency and blockchain technology.
The creation of the Financial Innovation Bureau seems to be another sign that South Korea is ready to accept cryptocurrency and blockchain technology, but getting to this point has not been easy. In September 2017, ETHNews reported that the FSC had banned all token offerings. In March of this year, the country’s regulators were developing a framework to allow initial coin offerings (ICOs) within the country. And in May, 11 Korean lawmakers began writing legislation that could legalize certain ICOs.
Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.
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