South Korea to Establish Financial Innovation Bureau to attend Crypto

The South Korean Financial Services Commission (FSC) has created the Financial Innovation Bureau to see its begin to grow crypto sector.

The new approach to cryptocurrencies has been developed to make sure consumer protection and help the country keep pace with rising financial creation.

The announcement of the new division follows a turbulent strategy from the South Korean regulators. Last month South Korea’s Supreme Court ruled that bitcoin is a legally recognizable asset, overturning an earlier decision from a lower court, and last week, South Korea brought in new anti-money transaction rules for cryptocurrency settlement.

The creation of the Financial Innovation Bureau will help attend South Korea’s digital industry. It will be tasked with examining and looking closely to the policy initiatives for financial creations, such as financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.

Industry observers welcome the development. In a press release the South Korea-based FANTOM Foundation said: “I think Korea can be an ideal incubator to test drive new virtual coins and their blockchain systems.” Also stating:

        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.

South Korea is an important market for cryptos’ it has rapidly become a important cryptocurrency hub and is home to Bithumb, one of the world’s largest crypto exchanges. Bithumb is pushing a global expansion strategy recently opening an office in London and establishing a subsidiary in Singapore.