South Korea’s regulatory sandbox has successfully <a href="http://www.shinailbo.co.kr/news/articleView.html?idxno=1278649" target="_blank" rel="nofollow noopener">developed</a> several projects. The development of these projects has created a huge amount of jobs related to blockchain and fintech. It generated a total of 380 jobs and along with this it also created a huge investment worth $110 million.

It has been reported that South Korea’s regulatory sandbox has been supervised by the financial regulator of the government named the Financial Services Commission, FSC. It has also been noticed that FSC has spared several companies from different financial services regulations which will help these firms to innovate and develop the business. However, it has to be noted down that this exemption is temporary for a certain period of time only.
<h2>FSC evaluating blockchain usage in South Korea’s regulatory sandbox </h2>
As FSC is supervising the functioning of South Korea’s regulatory sandbox, it is also evaluating the blockchain usage within this sandbox. It is evaluating this particularly for chatbot services, credit evaluation which is powered by artificial intelligence and real estate.

Different governments are seeing such regulatory sandboxes as a method to get familiar with the growing technologies like blockchain and others.

According to the report, it has to be noted that around 16 companies have been recognized by the FSC, and it has exempted all of them from regulations temporarily. These companies were able to generate investment worth $110 million.
<h2>FSC to hold committee meetings for different sectors</h2>
Through reports, it came out that FSC will be holding various committee meetings which will be centred around various sectors including insurance, banks and credit as well. Earlier this month on May 02, it was reported that nine companies had been authorized by the FSC. Many of these companies are blockchain-based and will be operating in South Korea’s regulated sandbox. One of the <a href="https://www.cryptoknowmics.com/news/a-guide-to-some-zero-fee-trading-cryptocurrency-exchanges-in-india" target="_blank" rel="noopener">huge crypto exchange</a>, Bithumb has also announced that it will be investing more than $8 million in this sandbox.

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South Korea’s Regulatory Sandbox Generates $110M Investment

South Korea’s regulatory sandbox has successfully developed several projects which has created a huge amount of jobs related to blockchain and fintech.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

South Korea’s Regulatory Sandbox Generates $110M Investment

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