FSC to promote blockchain technologies

						Array
(
    [classic-editor-remember] => Array
        (
            [0] => classic-editor
        )

    [_edit_lock] => Array
        (
            [0] => 1665148561:19
        )

    [_edit_last] => Array
        (
            [0] => 19
        )

    [_thumbnail_id] => Array
        (
            [0] => 8081
        )

    [_wp_page_template] => Array
        (
            [0] => default
        )

    [_prlipro-post-options] => Array
        (
            [0] => a:3:{s:14:"requested_slug";s:0:"";s:19:"hide_social_buttons";b:0;s:20:"disable_replacements";b:0;}
        )

    [_bsf_post_type] => Array
        (
            [0] => 0
        )

    [_bsf_item_review_type] => Array
        (
            [0] => none
        )

    [_yoast_wpseo_focuskw] => Array
        (
            [0] => South Korea
        )

    [_yoast_wpseo_metadesc] => Array
        (
            [0] => The financial watchdog will review financial regulation regarding banks entering the crypto market.
        )

    [_yoast_wpseo_linkdex] => Array
        (
            [0] => 51
        )

    [_yoast_wpseo_content_score] => Array
        (
            [0] => 60
        )

    [_yoast_wpseo_estimated-reading-time-minutes] => Array
        (
            [0] => 1
        )

    [_yoast_wpseo_wordproof_timestamp] => Array
        (
            [0] => 
        )

    [post_introduction] => Array
        (
            [0] => The financial watchdog will review financial regulation regarding banks entering the crypto market.
        )

    [_post_introduction] => Array
        (
            [0] => field_5e8bb40d3036a
        )

    [time_to_read] => Array
        (
            [0] => 2 mins read
        )

    [_time_to_read] => Array
        (
            [0] => field_5ea04c4ba2fca
        )

    [in_summary] => Array
        (
            [0] => 
        )

    [_in_summary] => Array
        (
            [0] => field_62542d4010cad
        )

    [_yoast_wpseo_primary_category] => Array
        (
            [0] => 7
        )

    [_yoast_wpseo_primary_countries] => Array
        (
            [0] => 4643
        )

    [ppma_authors_name] => Array
        (
            [0] => Isabella Aslam
        )

)

Updated October 7, 2022 | Published October 7, 2022

2 mins read

The financial watchdog will review financial regulation regarding banks entering the crypto market.

Chairman of South Korea’s Financial Services Commission (FSC) Kim Joo-hyun has said the regulator will promote blockchain technology and user protections in the crypto market.

“In cooperation with the National Assembly, we will actively support the establishment of a regulatory system for virtual assets that balances innovation through new technologies such as blockchain, consumer protection and financial stability”, said Kim at the National Assembly parliamentary audit on the FSC.

The FSC will follow current existing regulations considering cryptocurrencies to overlook virtual asset service providers (VASPs) and work with investigative agencies to ensure a risk-free environment for crypto users.

Kim also spoke about the financial regulator’s improvements amid a global era of digital transition including a review of the current ban on traditional financial institutions like banks entering the crypto space.

Currently, in South Korea, there are newer regulations being prepared involving cryptocurrencies.

The Digital Asset Basic Act is set to launch next year with the aim of a tighter regime for crypto developers and token issuers demonstrating a comprehensive set of regulations across the board for crypto.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
Best Casinos to play with…
Bitcoin
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
The Ledger: Crypto criminals face pressure, new regulation rolls in
The Ledger: Kraken launches crypto bank, TSM has new sponsor

Similar News

crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 4765
            [name] => aavegotchi
            [slug] => aavegotchi
            [term_group] => 0
            [term_taxonomy_id] => 4765
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 2
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1671
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 5304
            [name] => ICO
            [slug] => ico
            [term_group] => 0
            [term_taxonomy_id] => 5304
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 7
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 8275
            [name] => initial coin offering
            [slug] => initial-coin-offering
            [term_group] => 0
            [term_taxonomy_id] => 8275
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 8274
            [name] => Pixelcraft
            [slug] => pixelcraft
            [term_group] => 0
            [term_taxonomy_id] => 8274
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

)

Pixelcraft studios raises $30m in token sale

21/03/2023|18:30

Pixelcraft Studios, creator of the decentralized finance and NFT crypto pets experience Aavegotchi, has announced the completion of a multi-year...
crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 181
            [name] => Blockchain
            [slug] => blockchain
            [term_group] => 0
            [term_taxonomy_id] => 181
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 884
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1671
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 4804
            [name] => gaming
            [slug] => gaming
            [term_group] => 0
            [term_taxonomy_id] => 4804
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 52
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 8273
            [name] => Paavan Nanda
            [slug] => paavan-nanda
            [term_group] => 0
            [term_taxonomy_id] => 8273
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 5510
            [name] => web3
            [slug] => web3
            [term_group] => 0
            [term_taxonomy_id] => 5510
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 46
            [filter] => raw
        )

    [5] => WP_Term Object
        (
            [term_id] => 8272
            [name] => Winzo
            [slug] => winzo
            [term_group] => 0
            [term_taxonomy_id] => 8272
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

)

Winzo to invest $50m in global gaming ecosystem

21/03/2023|17:30

Indian social gaming platform Winzo has announced a $50m fund to invest in the global gaming ecosystem. The new fund...
crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1671
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 5552
            [name] => crypto ads
            [slug] => crypto-ads
            [term_group] => 0
            [term_taxonomy_id] => 5552
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 5
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 8271
            [name] => Financial Services and Markets Authority
            [slug] => financial-services-and-markets-authority
            [term_group] => 0
            [term_taxonomy_id] => 8271
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 1026
            [name] => regulation
            [slug] => regulation
            [term_group] => 0
            [term_taxonomy_id] => 1026
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 660
            [filter] => raw
        )

)

Belgium strengthens rules for crypto ads

21/03/2023|16:30

Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), has toughened up the rules on promoting cryptocurrency products. Firms...