South Korean FSC Establishes New Department For Policymaking In Blockchain Industry

South Korean financial regulator, the Financial Services Commission (FSC), is set to establish a new department designated to regulate policy making and developing actions particularly connected with the blockchain industry.

Pursuant to the recent source of information from local news -The Korea Times, the FSC is designed to turn into an impressive power in the ‘Fourth Industrial era.’ Intrinsically the regulatory body, having the assistance of the Ministry of the Interior and safety, is establishing the Financial Innovation Bureau, to assist in converting the country’s digital currency and blockchain industry.

As indicated by the  sources close to the matter, the FIB will have a two-year service life and would be trying to create profitable policies and approaches that would encourage financial development and increase, at the same time defending the interest of cryptocurrency investors .

According to the reports  South Korean regulators had made it obvious that they would adapt and develop the state’s blockchain-based virtual currency policies and approaches in accordance with the G20 standards.

The FSB includes the most important G20 countries , and members of the European Commission have anyway promised to continue controlling digital funds at worldwide  financial structures to guarantee the rapidly developing space stays in the same stance.

Cryptosphere involved parties in Korea think that the recent liberal stance on digital currencies of the Financial Stability Board’s (FSB) is the encouraging and justifying the  factor proceeding from the decision of the Financial Services Commission to regulate the country’s cryptospace and solve the Korean crypto problem.