FSC to promote blockchain technologies

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.

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Written by Isabella Aslam


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.

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