The financial services Commission of South Korea (FSC) announced the creation of a dedicated Bureau of financial innovation for regulation of the field of Finance, in particular, the cryptocurrency sector and application of the technology of the blockchain.
The decision was taken during a meeting of the Cabinet the FSC under the Ministry of internal Affairs and security. According to representatives of the Commission, the Bureau was created to protect investors in financial technology, and contribute to their development.
The basis for the creation of the Bureau was a recent report of the financial stability Board (FSB), which States that cryptocurrencies do not pose a significant risk to global financial stability.
«Representatives of the Bureau of financial innovation will also develop policy initiatives in the area of financial innovations such as the introduction of new financial services Finance and Big data technologies, and to respond to new developments and challenges associated with crypto-currencies,» – said the representative of the FSC.
Industry observers welcomed the decision of the FSC.
«Digital currency and the associated blockchain technology will sooner or later become part of our everyday life. Therefore, the timely regulation of this sector is very important,» said the official from the production company FANTOM Foundation.