South Korea’s Financial Services Commission (FSC) has revealed it is setting up a department dedicated primarily to cryptocurrencies and blockchain.
The FSC said the new department – dubbed the Financial Innovation Bureau – will focus on developing policy-making initiatives for the domestic blockchain and fintech industry, The Korea Times reported on Thursday.
The decision to set up the temporary bureau was reportedly made during a meeting of financial regulators and the Ministry of the Interior and Safety.
“The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era,” said the FSC official.
Notably, South Korea outlawed initial coin offerings last year.

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