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The Bank of “South” Korea

In: Fintech Regulation and Supervision Challenges within the Banking Industry

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  • Felix I. Lessambo

    (Fordham University)

Abstract

The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) are the major regulatory authorities in the FinTech industry. The FSC is the government regulatory authority, which assumes primary responsibility for rulemaking and licensing. The most important policy introduced to spur the development of the fourth industrial revolution and new growth industries such as fintech is the Regulatory Sandbox Program, which came into effect on April 1, 2019. Cryptocurrency ICOs are still banned because of multiple cases of fraud, but there are signs that new regulation may be under way that will boost innovation, while providing security in the field.

Suggested Citation

  • Felix I. Lessambo, 2023. "The Bank of “South” Korea," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Fintech Regulation and Supervision Challenges within the Banking Industry, chapter 0, pages 153-162, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-25428-4_12
    DOI: 10.1007/978-3-031-25428-4_12
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