President-elect Yoon Suk-cryptocurrency policy plans have been criticized by the Korea Society of Fintech and Blockchain (KSFB) and the Korea Digital Asset Service Provider Association (KDA) for missing out on key objectives.
“Extremely dissatisfied” with regulations
Yoon is set to enter office on May 10th.
On Monday, South Korea’s next right-wing administration published 110 national tasks, including cryptocurrency-friendly policies, in contrast to the outgoing Moon Jae-in administration’s equivocal position.
According to the fintech groups, the new regulations do not include the creation of a government body dedicated to digital assets or concrete strategies for developing the bitcoin market.
The associations were “extremely dissatisfied” by the lack of a negative regulatory framework, a structure that outlines what is prohibited while allowing the rest, as Yoon had previously stated.
The groups stated that a negative regulatory framework promotes innovation because it allows businesses to pursue all areas of their operations except those that are prohibited.
The KSFB and KDA, on the other hand, praised the administration for including digital assets in its roadmap and laying the framework for the acceptance of initial coin offerings (ICOs), as well as the plan to create the Basic Act for Digital Assets.
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S.Korea’s emerging Fintech Ecosystem
With major technological leaders, online and offline banks, financial institutions, and a number of local entrepreneurs investing extensively in the area, South Korea (Korea) provide enormous prospects for British fintech companies.
While rules in this generally conservative sector have historically stifled progress, the Korean government is now actively encouraging innovation by deregulating and providing a favorable policy climate.
There is currently no apparent leader in the new business, and corporations are eager to collaborate with world-class UK firms to gain an advantage over competitors.
In 2018, there were roughly 400 fintech startups on the market. Korea has 148 licensed banks, 52 of which are commercial, five of which are specialized, and 91 of which are mutual saving banks.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/05/06/south-korean-fintech-companies-not-happy-with-president-elects-new-crypto-plans/