South Korea Forms Crypto Market Supervisory Office
July 25, 2018
Financial Services Commission (FSC) of South Korea has created the Financial Innovation Bureau purposed to supervise crypto industry development and promotion of innovative products for their further use in the financial sector.
“The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era. 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”, FSC spokesman told.
Note that despite some bans in the country the South Korea’s government continues promoting initiatives aimed at adaptation of traditional financial system and related legal framework to the rapidly advancing cryptocurrency industry. Thus, earlier this month the country’s authorities introduced rules against money laundering involving digital currencies under which local banks will be obliged to submit foreign crypto operator customer information to FSC and prevent suspicious deals with digital currencies.