More Blockchain Companies Accepted into South Korean Fintech Regulatory Sandbox

Asia Korea

South Korean regulators have so far approved 18 of the 105 companies that have applied to take part in the program.

According to a report by the Korea Times, nine fintech companies, including firms providing blockchain-based services, have been approved by the country’s financial regulator – The Financial Services Commission (FSC) – to provide their innovative services.

The blockchain-related firms approved by the FSC include KOSCOM which “computerizes and updates the list of shareholders of non-listed small and medium enterprises (SMEs), and provides assistance for peer-to-peer (P2P) over-the-counter trading of such stocks” and Kasa Korea which “issues and distributes mortgage-backed securities (MBS) in a form of electronic securities.”

The approved companies will be able to provide their services without regulatory oversight during a trial period of up to four years as part of the government’s regulatory sandbox launched last January. Since then, 105 firms have applied to enter the program and as of May 2, 18 companies have been approved by the regulator, with more approved applicants to be announced in the coming months.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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