South Korea sets up cryptocurrency policymaking body
South Korea’s top financial regulator on Tuesday announced that it would set up a new organisation tasked with making policies for the cryptocurrency industry in the country, in yet another big boost for the digital asset sector.
The Financial Services Commission (FSC) said that the new department, named the Financial Innovation Bureau, will be responsible for establishing policies for all kinds of financial innovation and responses to new developments in the space.
The organizational reshuffle was done in order to “proactively respond to financial innovation in the fourth industrial revolution era,” the FSC said in a statement.
South Korea to become even more crypto-friendly
South Korea has seen a wave of government actions to help support the digital asset market, making it more and more cryptocurrency friendly each day.
The government had decided this week that it would provide relaxation of taxes for startups to boost upcoming technologies like blockchain. The announcement has been made on Wednesday once ministers belonging to eight different governmental agencies decided on the matter. As per reports, organisations dealing with evolving technologies will benefit from this tax relaxation.
Moreover, self-regulatory organization Korea Blockchain Association had sanctioned 12 crypto exchanges to own ample security measures and internal management systems. This move is expected to help increase the inflow of capital in the digital currency market.
The country has already legitimized the cryptocurrency sector as an industry, with the government aiming to release new blockchain industry classification norms by the end of this month.
Three ministries – the Ministry of Information and Communication, the National Statistical Office and the Ministry of Science and Technology – have been reported to be working on a draft for a couple of months.
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