South Korea’s regulatory framework has helped create nearly 380 jobs related to blockchain and other fintech work and has generated about $110 million in investment.
According to Shina Ilbo, the regulatory framework is overseen by the government’s financial regulator, the Financial Services Commission, or FSC. It temporarily exempts companies from several financial services regulations to help innovation and growth.
Samsung launches 5G phone powered by blockchain
The report says 16 companies have been recognized for their growth potential, and attracted more than KRW 136.4 billion (USD 110 million) in new investment.
Some of the companies participating in the government-sponsored program are doing business in 14 Asian countries, including Indonesia, Thailand and Vietnam.
South Korea sees an influx of is expected to release further guidelines, proof of concept, data science jobs, just a month before cme, lightning power users officially launched platforms for unlisted shares
Within the regulatory framework, the FSC is assessing the usefulness and safety of blockchain technology for things like real estate, chatbot services, and artificial intelligence-driven credit assessment.
The testing environment is expanding
Regulatory frameworks such as South Korea’s have been hailed by many in the fintech space as a good way for governments to become more comfortable with emerging technology without stifling innovation and technological development.
South Korea to develop blockchain identity platform for autonomous vehicles. Throughout the year, FSC is expected to hold committee meetings focusing on different sectors such as banking, insurance and credit.
Cointelegraph reported on 2 May that the FSC has authorized nine companies, including blockchain-related companies, to operate under the regulatory framework.
The Bithumb crypto-currency exchange announced in January that it will invest more than USD 8 million in the South Korean regulatory framework.