South Korea embarks on setting up a bureau specializing in financial innovation such as blockchain and cryptocurrency.
The Financial Services Commission (FSC) said it intends to undertake a major organizational restructuring. It is planned to create a division exclusively for working with the blockchain-based industry. The new department will be called the Bureau of Financial Innovation.
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The regulator explains that the reorganization is caused by the fourth financial revolution, and with the help of cryptocurrencies and blockchain, the country will be able to take a leading position in the field of fintech.
The bureau will also be engaged in the implementation of political initiatives in the economy, control over the crypto market, the development of new services based on fintech or big data. One of the main tasks will be to ensure the safety of participants and investors in the innovation sector.
Recall that South Korea will reduce taxes for the development of blockchain companies.
text: Ivan Malichenko, photo: Thanthima Limsakul / 123RF