South Korean Financial Services Commission Announces Cryptocurrency Division

News has emerged of a “major organizational reshuffle” by South Korea’s Financial Services Commission that will see a new cryptocurrency division created to oversee the crypto sector.

The reasons given for this change are protecting consumers, and “adapting to changing financial innovations.”

Employing a considered approach

Over the past few months, we’ve seen the South Korean government employ a rather considered approach when it comes to cryptocurrencies and blockchain technologies.

In April the government agreed to the set of “unified regulations” that were put forward by the G20 for digital currencies, which would suggest an interest in developing growth even if a cautious eye is being kept on the safety of consumers.

Now the Financial Services Commission (FSC) has announced a substantial organizational reshuffle via a press release.

The press release notes the creation of a Financial Innovation Bureau which will be tasked with responding…