Korea to institutionalize digital currencies and ramp up fintech development

Korea’s Financial Services Commission (FSC) said they will institutionalize digital currencies such as Bitcoin and ramp up the size of average annual policy finance to one trillion won (USD 873 million) from 500 billion won (USD 437 million) for the development of fintech.

OKLink applauds the leadership and vision of Korea’s financial authorities, especially the FSC for taking the lead in the convergence of new emerging technologies such as digital currencies and blockchains in financial service.

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Tim Byun, Chief Risk Officer and Head of Government Relations at OKLink

OKLink’s Tim Byun, Chief Risk Officer and Head of Government Relations said, “In the past three years, governments have taken a diverse approach to foster digital currencies and blockchain technologies. We applaud the Financial Services Commission’s vision and leadership, along with committing one trillion won for the development of fintech in Korea. We believe this will create conditions to test fintech services without a burden of regulating them by introducing a financial regulation test bed system and review various regulations.”

“Blockchain technology is at a period in time similar to the internet in the early 1990’s. Only recently has the fintech industry began utilizing remarkable advancements in the bitcoin protocol, including multi-signature technology. Bitcoin and blockchain can benefit from balanced, risk-based regulation and/or oversight given the opportunities to develop products and services with enormous consumer benefits.”

As OKLink launches a fast, cheap and transparent blockchain transfer system, we are excited to work with Korea’s innovative fintech sector that is poised to advance bitcoin and blockchain technology for the betterment of society and consumers.

We work with partners in Korea including Coinplug, Coinone, Bluepan, MOIN, Sentbe, Finshot, Streami, Wisending, and Bithere, enabling them to transfer money to any payout countries on our network.

Some of our Korean partners comment on the FSC announcement:

moin-logo-oklinkMOIN: We welcome and support the announcement of FSC to institutionalize digital currencies in Korea. This adds to the efforts that FSC has made to promote blockchain technologies and digital currencies like bitcoin in Korea. This decision shows the Korean government’s willingness to foster fintech industry, which we believe will be a cornerstone of the future of finance.

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CoinOne: From now on, crypto-currency and blockchain technology will step up and become the mainstream of Korea’s financial services industry. A future where global remittance, payment, and stock market is powered by crypto-currency and blockchain is not far away.

bluepan-logo-oklinkBluepan: We welcome the news that crypto-currencies will be recognized by the Korean laws. As a bitcoin-enabled remittance company, we strongly believe that such laws will allow us to grow our remittance business without regulatory risks and expand to other crypto currency business.

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