South Korea’s legal framework has helped create almost 380 blockchain-related jobs and other fintech jobs and generated approximately $ 110 million in investments.
According to Shina Ilbo The regulatory framework is monitored by the government’s financial regulator, the Financial Services Commission or FSC. Temporarily frees companies from various financial services regulations to promote innovation and growth.
The report says that 16 companies were recognized for their growth potential and more than attracted KRW 136.4 billion (USD 110 million) in new investments.
Some of the companies participating in the government-sponsored program operate in 14 Asian countries, including Indonesia, Thailand and Vietnam.
Within the regulatory framework FSC assesses the use and security of blockchain technology for real estate, chatbot services and credit ratings based on artificial intelligence.
The test environment is expanded
Regulatory frameworks such as South Korea have been welcomed by many in fintech as a good way for governments to become more familiar with new technologies without hindering innovation and technological development.
During the whole year, FSC is expected to hold committee meetings that focus on various sectors such as banking, insurance and credit..
Cointelegraph reported on May 2 that the FSC authorized nine companies, including those related to blockchain, to operate within the regulatory framework.
The cryptocurrency exchange Bithumb announced in January that it would invest more than $ 8 million in South Korea’s regulatory framework.
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