Financial Authorities Meet Blockchain Fintech Companies to Gather Opinions

11th "Visiting Financial Regulation Sandbox" Meeting

On the 11th, the Financial Services Commission, the Financial Supervisory Service, and the Korea Fintech Support Center held the 11th "Visiting Financial Regulation Sandbox" meeting targeting blockchain-related companies at O2 Tower in Yeouido, Seoul.

This meeting serves as an opportunity to discuss the on-site challenges that companies face while preparing innovative services. It has become a chance to enhance mutual understanding between financial authorities, the Fintech Support Center, and fintech companies, and has been held approximately once a month since the beginning of this year.

This meeting involved a total of eight companies utilizing blockchain technology (Guaranteable, Morphing Eye, Bonanza Factory, Blocko, Blockchain Global, Infinite Block, Finger, and Heavy Block). They inquired about regulatory difficulties encountered during their business processes and the possibility of participating in the financial regulation sandbox, expressing their desire to contribute to industrial development through blockchain technology.

Specifically, they asked about the applicability of the designated agent system for services they are preparing, such as trust services for new types of assets, the possibility of reapplying for innovative financial services that received an undesignation notice, and other aspects of the financial regulation sandbox system. There were also requests for support to apply blockchain technology to national projects or public initiatives, as well as policy support for technology-related recruitment.

Meanwhile, the 12th and final meeting of this year is scheduled to be held on the 17th of next month at IBK 1st LAB.

Yonhap News

This content was produced with the assistance of AI translation services.