South Korea Authorizes 9 Fintech Startups, Companies for Sandbox

Asia Blockchain Review
May 25, 2019
  1. Nine fintech firms have been granted permission from South Korea’s Financial Services Commission (FSC) to operate in a regulatory sandbox launched early this year, as part of plans to promote the growth of the domestic blockchain ecosystem.

The Korea Times reported on May 2nd that the nine firms include startups and companies that offer not only blockchain-based services but also 5G telecommunications and other cutting-edge technologies.

When the FSC first launched its financial regulatory sandbox last year, over 100 companies applied for the program, with the nine having been approved just recently.

The approved companies will be able to offer their services without regulatory oversight during a trial period of up to four years. The financial services include those from Woori Bank, which gives clients the ability to exchange currency and withdraw cash at restaurants or parking lots near the airport.

According to a Cointelegraph report, South Korea is ranked among the top blockchain enthusiasts on par with the United States and Japan, in spite of its qualms about cryptocurrencies that resulted in a ban of initial coin offerings (ICOs).

If the greater population’s appetite for crypto indicates the potential of blockchain technology, initiatives from the government and larger enterprises give even more reason to believe in the nascent technology’s development in the country.

Government support, combined with both public and private investment, is already accelerating adoption across all industries. An anonymous source cited by CoinDesk Korea has stated that tech giant Samsung is developing a new blockchain-based solution as well as its own cryptocurrency.


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