The South Korea FSC (Financial Services Commission) has officially announced a restructuring process that includes creating a cryptocurrency division, giving the sector something positive to look forward to.
In a press release, the South Korea FSC stated that the restructuring of the organization involves the creation of a Financial Consumer Bureau. This bureau will have the responsibility of ensuring consumer protection across sectors. Additionally, it will ” assume responsibility for household debt policy on top of microfinance policy for financially marginalized households.”
What’s more noteworthy for crypto investors is the Financial Innovation Bureau, also to be established. It is going to “be tasked with policy initiatives for financial innovation – e.g. innovative financial services using fintech or big data and responses to new developments and challenges such as cryptocurrencies.”
Some may see the regulatory move as negative, but there are players who see the development as a positive thing for the cryptocurrency sector. FANTOM Foundation, a blockchain tech firm, in particular, welcomes the news.
“Virtual coin and related blockchain technologies will come to our everyday life sooner or later. 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 favorable environment for virtual coins and their blockchains”, a FANTOM Foundation official told Korea Times.