South Korea's Financial Services Commission plans dramatic restructuring to protect consumers and cope with the changes connected with the financial technologies. The authority is going to establish the division aimed at supervision of the crypto industry – Financial Innovation Bureau.
Seoul has reportedly been careful with the crypto regulation lately. Moreover, the country agreed to follow G20 guidelines to develop single rules for the sector, which means that Seoul supports innovations, though will supervise the protection of consumers.
"The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies," the authority commented to the media.
The new unit will be effective for 2-years so far. However, the FSC expect that these changes may support further development and expansion of the financial technologies in the country.
According to the market reports, the players have been positive about this regulator's decision.
"I think Korea can be an ideal incubator to test drive new virtual coins and their blockchain systems. High-speed internet infrastructure is already here, unparalleled to any other country in the world. And the Korean people are very adoptive of technology. Now it is the government's role to establish a favourable environment for virtual coins and their blockchains," stated a representative of the company in the sector.
As it was reported earlier, South Korea planned to ease crypto regulation under the G20 guidelines.