Financial Services Commission "Continued Support for Blockchain Integration in the Fintech Sector"

On the morning of the 1st, the Financial Services Commission and the Ministry of Science and ICT jointly held an on-site meeting to promote fintech and blockchain at the Seoul Station Smart Work Center in Jung-gu, Seoul. At this meeting, Lee Se-hoon, Secretary General of the Financial Services Commission, announced plans to continuously support the integration of blockchain in the fintech sector in collaboration with the Ministry of Science and ICT, and listened to suggestions and requests for regulatory improvements from related industries.

[Asia Economy Reporter Song Hwajeong] The Financial Services Commission announced on the 1st that it held an on-site meeting jointly with the Ministry of Science and ICT to promote fintech and blockchain, and stated that it will continuously support the integration of blockchain in the fintech sector.

Fintech and blockchain technology companies attending this meeting shared cases of blockchain commercialization in various fields such as payment settlements, MyData, real estate investment, metaverse, and gaming, and proposed policy suggestions to promote fintech and blockchain. The proposed policy suggestions include ▲ reviewing copyright issues of non-fungible tokens (NFTs) through inter-ministerial cooperation ▲ continuously supplementing the financial regulatory sandbox system to support testing of more diverse innovative financial services ▲ resolving regulations that may arise in implementing services linking NFTs and the metaverse with offline environments ▲ considering switching to a negative regulation system to remove restrictions when conducting new businesses ▲ and early presentation of reasonable regulatory measures and guidelines for new technologies and new businesses.

Lee Sehun, Secretary General of the Financial Services Commission, said, "We plan to seek a development direction that balances innovation through new technologies such as blockchain with consumer protection and financial stability," adding, "We will closely collaborate with the Ministry of Science and ICT, the main ministry for blockchain industry promotion, to continuously support the integration of blockchain in the fintech sector."

Additionally, Secretary General Lee added, "We will prioritize establishing a regulatory framework centered on investor protection so that the virtual asset market can develop based on investor trust, and support gradual and phased legislation by the National Assembly to supplement this framework according to international standards."