South Korea’s vice financial regulator chief said on Thursday that authorities would take innovation more into account in the next stage of regulating cryptocurrencies.

Regulations need to have a balance between investor protection and technological innovation, said Kim So-young, vice chairman of the Financial Services Commission, at a conference held in Seoul on digital currencies. The conference was held by the South Korean government and central bank, jointly with the International Monetary Fund (IMF), following the Bank of Korea’s launch of a project in October to develop a wholesale central bank digital currency (CBDC).

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