South Korea world leader country of the Blockchain

After an initial distrust towards FinTech, the Asian country is strongly focused on the Blockchain and cryptocurrencies. Yoav Vilner on Forbes remembers that last year the South Korean executive banned the ICOs and approved laws that restrained the commerce of cryptocurrencies. In addition, government officials were forbidden to hold and exchange encrypted assets.
The prohibitions were aimed at avoiding fraud and illicit actions. Today the limitations regarding the ICOs have been revoked and it is legal to use Bitcoin, just think that 14% of the market of the main cryptocurrency is made up of South Korean investors.
South Korea’s leading financial regulatory body, the Financial Services Commission, has created a new office – the Financial Innovation Bureau – for managing emerging financial technologies, including Blockchain and cryptocurrency. Meanwhile, the government has recently allocated over $ 880 million to the technology sector.