Good News for Bitcoin, Korean Regulator Looks to Nurture Cryptocurrency
Good News for bitcoin and other cryptocurrencies keep coming this week after bitcoin price jumped up by more than 10% few days ago.
Now the South Korean financial regulator is reorganising so it can “proactively respond to financial innovation in the fourth industrial revolution era” — meaning it’s looking to nurture bitcoin, cryptocurrency and blockchain.
The regulator — the Financial Services Commission (FSC) — has created the Financial Innovation Bureau to take oversight of the burgeoning crypto sector.
“The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era,” an FSC statement read. “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.”
The move appears to chime with a report earlier this week from the international Financial Stability Board (FSB), which South Korea is a member of, that found bitcoin and cryptocurrencies do not currently pose a material risk to the global financial system and encourage countries to take a soft approach towards them.