South Korea has begun to create a bureau specializing in financial innovations, such as blockchain and cryptocurrency.
The Financial Services Commission (FSC) stated that it intends to carry out major organizational restructuring. It is planned to create a unit exclusively for working with an industries based on the blockchain. The new department will be called the Bureau of Financial Innovation.
The regulator explains that reorganization is caused by the fourth financial revolution, and with the help of cryptocurrency and blockchain, the country will be able to take a leading position in the field of Fintech.
The Bureau will also engage in the introduction of political initiatives in the economy, control over the cryprotes, the development of new services based on Finteha or Big Data. One of the main tasks will be to ensure the safety of participants and investors of the innovation sector.