According to JoongAng Daily, the Financial Supervisory Service (FSS) appeal was part of a study that was released by the agency on Thursday. This study examines the possibility of Korean regulatory agencies and companies collaborating to develop the proposed system, and also examines the applications of blockchain technology by exchange operators around the world.
The Australian Security Exchange (ASX) has already started using blockchain to trade shares on its platform - the exchange uses a clearing and settlement system called CHESS back in 2016. In April, ASX representatives announced plans to launch a new platform before the end of 2020.
Similarly, Nasdaq, the US stock exchange, opened a digital asset platform based on blockchain in 2017. London Stock Exchange experimented with the use of blockchain technology this year, hoping to get rid of paper certificates. Japan Exchange Group founded a consortium in 2017 to explore the use of blockchain applications in capital markets infrastructure.
The study indicated that exploration of blockchain use cases in Korea has just begun, and that collaboration between private and public companies will be necessary to further develop the field in the country.
“There should be no barriers between government agencies and private companies - everyone should work for the development of a single system,” said the FSS representative.
According to coindesk.com
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