New Financial Department formed under the Regulation of South Korea’s Financial Services Commission (FSC)

New Financial Department formed under the Regulation of South Korea’s Financial Services Commission (FSC)

Recently, the Financial Services commission (FSC) of South Korea has disclosed that they establishing new department keen devoted to Digital Currency and blockchain.
The Financial service commission declared the new department as Financial innovation Bureau. The new department has emphasized making policy for domestic blockchain and fintech industry.
During the meeting of the Ministry of Defence and interior and Financial Regulators, the makeshift department was formed to take the decision.
The Financial Services Commission said that the commission has plan to chief organizational reshuffle to best secure financial customers and pro-active reply to financial innovation in the fourth in Industrial Revolution Era.
The step taken by the Finance Regulator has come among the growing effort to make new law to control the blockchain industry in country after somewhat knee-jerk reaction in the past.
Last year south Korea offering coin, although, the nation’s legislative arm of government emphasis on eliminate of the ban in May, authoritatively offering statute to permit ICOs as long as investor security are set in place.
Earlier this month, it was also reported that members of different political parties are expected to submit bills focused on regulating cryptocurrencies, initial coin offerings and blockchain. That follows moves by regulators to tighten rules to reduce the likelihood of money laundering and improve the domestic exchange industry following a number of hacks and cases of embezzlement.

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