South Korea plans to use Blockchain technology for FinTech Innovation


According to the latest news, South Korea plans to use Blockchain technology for FinTech Innovation. The FSC also added that it hopes that the reported “regulatory rollbacks” will enable businesses to create more jobs and lower services charges. 

22 March, AtoZForex South Korean financial regulator, the Financial Services Commission (FSC), has announced that it plans to use Blockchain technology for the future Fintech innovation by concentrating on supporting new technologies rather than regulating them.

South Korea plans to use Blockchain technology for FinTech Innovation

According to the local media reports, the Chairman of the FSC, Choi Jong-ku, has stated in regards to the intention for the FSC announcement that “the players in the financial service market are becoming more diverse, with new companies entering, and the competition in the financial market is becoming fiercer. As a result, existing financial companies are also making attempts with fintech to raise their services.”

He also has added that he sees the advantages for young people in a more contemporary Fintech market:

“Fintech is an area that requires new technologies, and it will solve the youth job problem by increasing job positions for young people.”

The FSC also added that it hopes that the reported “regulatory rollbacks” will enable businesses to create more jobs and lower services charges. This would be done by providing examples of Fintech business improvements like offering clients the opportunity to purchase investments over video chat and utilizing crowdfunding for small businesses.

According to some of the local news outlets, the FSC will also approve an app-to-app payment system which enables customers to purchase products without using credit card companies and networks.

South Korean ICO Ban

Back in September 2017, we have reported that South Korea has moved to ban all initial coin offerings across the country. The move has been carried out by the South Korean Financial Supervisory Service (FSS) in a bid to protect investors.

The latest news state that the adopted ban might be soon eased. The new reports from the South Korean local media suggest that the ban can be lifted partially. This would imply that token sales that meet certain conditions will be allowed in the country.

In spite of the local ban, numerous Korean cryptocurrency investors are still taking part in international ICOs. The chief of the South Korean Financial Supervisory Authority (FSS) has stated that the regulator is currently considering a “third party view.”

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