South Korean financial top regulator the Financial Services Commission (FSC) has announced the inclusion of ICONLOOP’s (ICX), one of the largest South Korean blockchain ecosystem, blockchain-based ID service into the "Innovative Financial Services and Regulations Sandbox," states a press release shared with iHodl.
The so-called "my-ID" service, which was designated as an Innovative Financial Service, is a digital identity authentication service built on blockchain technology.
The service allows for ID authentication information such as ID, monetary transfers, verification through mobile phones, etc. to be saved to the user’s mobile phone so that users can reuse said information to open further accounts or access other services that require identification, notes the announcement.
The CEO of ICONLOOP, Jonghyup Kim, claims the designation of my-ID as an Innovative Financial Service will be a "monumental turning point in the growth of Korea’s blockchain industry."
"Although it has been somewhat difficult to find a meaningful use of blockchain technology in everyday life so far, this will be an opportunity to prove and verify the usefulness of blockchain technology. I hope that this marks not only the expansion of blockchain technology but also the creation of an overall digital identity ecosphere," he added.
Earlier this year, ICONLOOP announced the release of ‘broof,’ a blockchain-based certificate issuance service.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.