South Koreas main financial regulator will present a new policy-making body focused on nurturing Koreas fintech industry with a precise focal point on cryotocurrency and blockchain technology.
FSC (The Financial Services Commission is on track to enforce a new policymaking body dubbed the Financial Innovation Bureau to productively aid the fintech industry while creating policies for the cryptocurrency division, the Korea Times reports.
The accord to build the new body was taken in the interim of a cabinet meeting between and FSC and the Ministry of the Interior and Safety this week amongst an organisational reshuffle to greater safeguard investors while nurturing financial innovation acquired by new technologies like cryptocurrency and blockchain.
An FSC official said to the publication:
“This brand new Financial Innovation Bureau will also entrust with policy initiatives for financial innovation, like innovating financial services applying fintech or big data, and feedback to new expansions and objections such as cryptocurrencies.”
As the brand new body sees a short life-span of two years, it will notably canvas South Korea’s existing cryptocurrency and blockchain technology, the FSB
Categorically, this new body will look to endorse the financial regulator’s latter positive outlook facing the sector at which point domestic cryptocurrency networks could soon be hit with guidelines much alike commercial financial institutions as lawmakers look to fast-track bills administering the sector.
In defiance of a domestic ICO boycott – taking a hint from China – South Korea is too considering loosening preceding constraint in remaining with the wide G20 directive of uniform global regulations alongside member bodies.The Kore Times report adds that the regulator’s stance is “known to side with the Financial Stability Board’s recent report that stated crypto asses ‘do not pose material risk to global financial stability.”
As presented earlier in the week, the FSB (Financial Stability Board) – an international G20 watchdog and body to correlate regulation for member nations – posted its report on cryptocurrencies. FSB chairman and Bank of England governor Mark Carney commanded for ‘vigilant monitoring in light of the speed of market developments’ of the sector.
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