Additionally, the sandbox assisted in raising roughly $110 million in investments. As per Shina Ilbo, the sandbox is regulated by the Financial Services Commission (FSC), South Korea’s financial regulator.
It intermittently provides relaxation to various rules related to financial services to assist with growth and development.
The document stated that 16 enterprises have received recognition for their future growth potential, and lured over 136.40 billion won (~$110 million) in fresh investments.
Some of the enterprises partaking in the government aided scheme are carrying out business throughout 14 countries in Asia, including Thailand, Indonesia and Vietnam.
Inside the sandbox, the FSC is validating the utility value and safety ability of blockchain technology for things such as chatbot services, real estate, and artificial intelligence-powered credit assessment.
In general, regulatory sandboxes are praised by professionals in financial technology sector as an appreciable way for governments to understand the technology without acting as a roadblock to innovation.
The FSC is anticipated to conduct committee meetings centered on various sectors such as banks, credit and insurance. The FSC endorsed nine enterprises, including the one related to blockchain, to function in the sandbox.
Earlier in January, Cryptocurrency exchange Bithumb announced its intention to invest over $8 million in South Korea’s sandbox.