FSC to establish department for cryptocurrencies in South Korea

Verified
4 months ago
0

According to Korea Times, the Financial Services Commission of South Korea (FSC) announced the establishment of the so-called Financial Innovation Bureau, which will regulate the cryptocurrency sector.

The decision was made during a meeting of representatives of the FSC and the Ministry of Internal Affairs and Security. According to the authorities, the Bureau will protect investors, while encouraging the development of financial technologies, including blockchain and cryptocurrencies.

As previously reported, the government of South Korea plans to weaken the regulatory measures of the crypto market upon the recommendations of the G20 members.