FinTech Innovation Bill may Exempt Startups from Certain Regulations in S. Korea

Kim Yong-beom, Vice Chairman of the Financial Services Commission (FSC) in South Korea announced at a financial forum that a proposed bill could exempt FinTech startup companies from certain regulation - for up to two years - if the FSC deems their apps or services to be 'innovative.' The initiative is expected to use a regulatory sandbox framework to faciliate innovation in FinTech such as those engaged in blockchain-based solutions and big data.

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