FinTech progress has come to a halt in South Korea as regulators carefully try to piece together new technology with existing privacy laws. In October 2016, Financial Services Commission (FSC) Chairman Yim Jong-Yong revealed South Korea's plans for the acceptance and regulation of bitcoin. He announced in a public speech, "The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the U.S., Japan, and other countries." At the time, the top three Bitcoin exchanges in the country processed around $1.3 billion between January 2015 and October 2016, according to data from the FSC...
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