South Korea arguably boasts one of the largest cryptocurrency markets in the world. The citizens have been quick in adopting the use and trade of cryptocurrency. This willingness has not been without some consequences though. The country, however, did not end its desire to establish a secure crypto market. Owing to a series of problems last year, the government banned all ICO and since then has systematically started adjusting its market to accept cryptocurrency. To accomplish this the country also has plans to improve its Fintech industry even trying out blockchain technology to further improve the security of fintech companies.
Doing this will ensure that cryptocurrencies will be effectively monitored and the potential risks that person associated with it, reduced. The country plans to use the Financial Service Commission to ensure that the regulation is carried out in such a manner that banks and insurance companies can offer better security as regards customers data, and create a clear process in verification of companies using blockchain technology ensuring that customers participate fully.
The step taken by the South Korean government will not only regulate the activities of Fintech and cryptocurrencies, it will boost the economy by creating more jobs. It is a win-win situation for the government and a roadmap for other governments in handling the cryptocurrency surge.