South Korea’s Financial Services Commission (FSC) always puts the interests of investors first in its daily endeavors. It has today pronounced restructuring plans that will ensure desirable market changes take effect. From time to time, new financial technologies such cryptocurrencies arise, posing challenges in the markets. This commission is looking forward to succeed in dealing with such challenges.
An outlook into the matter
Anytime soon a new body will be established. It will play a significant role giving recommendations related to virtual coins. A mega-department will also be set up and it will be playing a supervisory role to all the financial sectors.
Financial Intelligence Unit (KIU) and Financial Supervisory Service (FSS) are part of the major regulators supervised by FSC. Over the years, this commission has been coming up with policies and each time they have had to align to them.
The expected reshuffle will be featuring major changes. One of them will be set up of a new department to focus on policy-making initiatives. The financial technology (FinTech) industry has been experiencing a lot of positive changes lately.
That has been attributed to major innovations which continue to be made as time progresses. The services offered by Financial Innovation Bureau will stretch to cover blockchain technology and digital coins.
Turn of events
The Financial Consumer Bureau has its roles well cut out. First and foremost, it will pay a significant focus on protecting the consumers on financial grounds. To effectively undertake its activities, the Financial Consumer Bureau will be featuring a number of divisions. Those will include Asset Management, Fair Market and Consumer Finance.
There are plans underway to reorganize the existing Banking and Insurance Bureau. It is widely known for the great authority it usually has over bank transaction rules. And hopefully the reorganization into Financial Industry Bureau will bring about positive changes.
The revision of FCS entails a lot of positive changes. The new anti-money laundering bank rules that have been established will focus a great deal on settlements relating to cryptocurrency. Banks and other financial institutions will be compelled to stop any suspicious cryptocurrency transactions with immediate effect following establishment of the new rules.