The South Korean regulator announced the support of the blockchain and the protection of crypto -investors – Bits Media

Chairman of the Commission on Financial Services of South Korea Kim Zhu Hyun said, that the regulator will promote blockchain for various applications, but at the same time protect investors on crypto.

South Korean regulator (FSC) Close enough watching cryptocurrency industry and reacts harshly to violation of local legislation by crypto companies. Therefore, the agency advocates the development of the regulatory framework for regulating digital assets.

“In cooperation with the National Assembly, we will actively support the creation of a system of regulation of virtual assets. It will allow you to balance innovation, which give technology like blockchain, with the protection of consumer rights and ensuring financial stability ", - said Kim Zhu Hyun (Kim Joo-Hyun).

According to the chairman of FSC, The agency is going to reform the regulation of finance during the current digital transformation. maybe, This will also mean a removal of a ban on working with cryptocurrencies for financial institutions. To protect consumer rights, the regulator will work with other departments of South Korea.

Previously reported, that the country's authorities are in no hurry to fully legalize digital assets - the relevant law can be issued only after assessing the consequences of the legalization of cryptocurrencies in the United States and Europe.