South korea's regulatory sandbox has helped create almost 380 blockchain and other fintech jobs and generated effectually $110 million in investments.

Co-ordinate to Shina Ilbo, the sandbox is overseen by the government's financial regulator, the Financial Services Commission, or FSC. It temporarily exempts companies from various regulations regarding financial services to help with innovation and growth.

The report said that 16 companies have been recognized for their growth potential, and attracted more than 136.iv billion won ($110 million) in new investments.

Some of the companies participating in the regime-sponsored program are pursuing business beyond fourteen countries in Asia, including Republic of indonesia, Thailand and Vietnam.

Within the sandbox, the FSC is assessing the usefulness and security of blockchain technology for things like real estate, chatbot services, and bogus intelligence-powered credit evaluation.

Testing environs expands

Regulatory sandboxes like South Korea's have been hailed by many in fintech equally a skillful manner for governments to become more comfortable with emerging technology without stifling technological innovation and development.

Throughout the twelvemonth, the FSC is expected to hold committee meetings focused on different sectors similar banks, insurance, and credit .

Cointelegraph reported on May 2 that the FSC authorized nine companies, including those related to blockchain, to operate in the sandbox.

Cryptocurrency exchange Bithumb announced in January that they would invest more than than $8 million into Republic of korea's sandbox.