South Korea’s top financial regulator is planning a major organizational restructuring that includes introducing some new crypto policy initiatives. A bureau dedicated to financial innovations that include cryptocurrencies is being set up. In addition, an agreement with Chinese authorities relating to crypto and initial coin offerings has also been reached. Meanwhile, the contracts between Korean crypto exchanges and banks for real-name accounts will expire this month.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Major Organizational Restructuring
FSC Chairman Choi Jong-ku.
Last week South Korea’s top financial regulator, the Financial Services Commission (FSC), said it will undergo a “major organizational restructuring.” As part of the plans, it “will establish a department exclusively for policymaking initiatives in the nation’s blockchain industry,” the Korea Times described.
The new department, called the Financial Innovation Bureau, will have a two-year lifespan. Its establishment is part of the FSC’s “restructuring plan to lead financial innovation in the coming Fourth Industrial Revolution era,” the news outlet explained, adding that “it will help nurture Korea’s fintech industry, mostly covering the nation’s cryptocurrencies and blockchain technology.”
Citing that the Commission is planning “a major organizational reshuffle to better protect financial consumers,” an FSC official elaborated:
The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.
Agreement with China
Yoo Kwang-yeol.
Chosun reported last week that First Senior Deputy Governor of South Korea’s Financial Supervisory Service (FSS), Yoo Kwang-yeol, recently met with the Deputy Chairman of the Insurance Supervision and Management Committee of the Bank of China. They agreed to integrate the Financial Supervisory Cooperation Agreement.
The initiative between
