Bitcoin has had a good week. First the price jumped 10% in a day, and now South Korea has unveiled a new regulatory system, one more nurturing to the crypto sector.
South Korea is seen as one of the most important countries in the crypto-world, and interest there frequently drives price movements. Rumours that it would follow China in enacting an all-out ban on cryptocurrencies was one of the major factors putting an end to the last big bull run in the prices of digital assets.
Since then noises coming from South Korean authorities have been more encouraging. Most recently a National Assembly committee suggested that it would look to provide a way for South Korean companies to legally conduct ICOs, rather than having to conduct such operations through other territories such as Hong Kong or Singapore.
In the latest piece of good news, South Korean financial regulators have announced that they are reorganising so that they can “proactively respond to financial innovation in the fourth industrial revolution era,” and take a more nurturing attitude to blockchain and cryptocurrencies.
As part of the reorganisation, the Financial Services Commission (FSC) has formed a new body, the Financial Innovation Bureau, to provide oversight of all things crypto.
According to an FSC statement, the new Financial Innovation Bureau will “be tasked with policy initiatives for financial innovation,” for example, fintech and big data, and also respond “to new developments and challenges such as cryptocurrencies.“
The Korean Incubator
The news has been welcomed within the country’s blockchain scene. An official from the FANTOM Foundation told the Korea Times that “virtual coin and related blockchain technologies will come to our everyday life sooner or later.” Provided that the government helps to “establish a favorable environment for virtual coins and their blockchains,” then, “Korea can be an ideal incubator to test drive new virtual coins and their blockchain systems.”
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