The financial services Commission of South Korea (FSC) announced the creation of a dedicated Bureau of financial innovation for regulation of the cryptocurrency sector, reports the Korea Times.
The decision was taken during the meeting, representatives of the FSC and the Ministry of internal Affairs and security. As planned by the officials, the Bureau has a duty to protect investors while encouraging the development of financial technologies, including the blockchain and cryptocurrency.
“The powers of the Bureau will include the supervision policy of financial innovation (financial services and Big data technologies), as well as responding to new developments and challenges, such as crypto-currencies”, — said the representative of FSC.
We will remind, the South Korean authorities plan to relax efforts to market regulation of cryptocurrency in accordance with the recommendations of the group of participating countries “Big twenty” (G20).