MyID has cleared the FSC's regulatory improvement request review — the first blockchain case ever accepted.
ICONLOOP has cleared the Financial Services Commission (FSC) regulatory improvement request review for MyID, its blockchain-based digital identity platform. It is only the fourth case accepted since the FSC introduced the regulatory improvement request system in July 2021 to let innovative financial businesses keep operating stably after their designation period expires — and the first involving blockchain.
Ever since MyID was designated an Innovative Financial Service under the FSC's financial regulatory sandbox in June 2019, granting it a special exception that simplifies non-face-to-face identity verification, ICONLOOP has pushed hard to build a more convenient and trustworthy blockchain DID (Decentralized Identifier) ecosystem.
In August 2020, ICONLOOP issued Shinhan Bank's financial real-name verification credential on MyID, the first commercial DID deployment in Korea's financial sector. NH NongHyup Bank's financial real-name verification credential followed in August 2021, delivering a new customer experience built on simplified remote identity checks. The exception granted to MyID was a genuine breakthrough: it brought non-face-to-face real-name verification down to the ease of a simple identity check.
That work paid off. In November 2020 the government named MyID a flagship achievement of the financial regulatory sandbox, and in December 2020 its Innovative Financial Service designation was extended by two years — recognition of both the value and the innovation behind the service.
- MyID designated an Innovative Financial Service by the FSC (2019. 06)
- MyID Alliance officially launched (2019. 11)
- Additional exception under the Electronic Financial Transactions Act (2020. 02)
- Security review completed by the Financial Security Institute (2020. 04)
- FSC review completed on the plan for meeting supplementary conditions (2020. 05)
- Consumer protection plan review completed by the Financial Supervisory Service (2020. 07)
- Zzeung, the MyID-based identity verification app, launched (2020. 08)
- First commercial financial-sector DID in Korea, with Shinhan Bank (2020. 08)
- Named a flagship achievement of the financial regulatory sandbox by the government (2020. 11)
- MyID's FSC Innovative Financial Service designation extended by two years (2020. 12)
- MyID-based NH NongHyup Bank financial real-name verification launched (2021. 08)
- MyID clears the FSC regulatory improvement request review (2022. 12)
Clearing the regulatory improvement request review carries real weight right now, with the financial regulatory sandbox designation period about to expire. Over the course of the designation, ICONLOOP worked directly with leading financial institutions and reached roughly 103,000 uses while keeping the service running smoothly — and along the way invested heavily on every front, from advancing the DID technology itself to building infrastructure and accumulating operational know-how.
"With this regulatory improvement request cleared, we expect the already-built infrastructure to drive wider circulation of VCs (Verified Certificates) and to bear out the purpose and meaning of this Innovative Financial Service," the company said, adding, "the value of blockchain technology advancing with recognition and support inside Korea's legal and institutional framework will be the foundation that puts us shoulder to shoulder with global technology trends
Based on an assessment of how the service has been operated, the stability of financial markets and order, and consumer protection, clearing this review should be a major boost in helping MyID — long framed as provisional — settle into the market as a full commercial service. ICONLOOP plans to introduce more services built on DID-based non-face-to-face real-name verification and to expand the business in earnest, so please keep an eye on what comes next.
Thank you sincerely for the support you gave ICONLOOP this year. We will be back with better news in the new year — wishing you a smooth wrap-up to an eventful 2022 and a wonderful year ahead! :)
[Reference] Read the full ICONLOOP press release ▼
[Reference] Related coverage ▼
[Reference] Read the FSC press release on the Innovative Financial Service review results ▼
[Press release] Innovative Financial Service review results — 5 new designations / 14 designation period extensions, and more
□ At its regular meeting on December 21, the FSC (Chairman Joo-hyun Kim) newly designated 5 Innovative Financial Services (bringing the cumulative total to 237 to date). □ It also decided on designation period extensions and changes to designation details for 14 previously designated Innovative Financial Services, and accepted 1 regulatory improvement request related to an Innovative Financial Service. 1 New Innovative Financial Service designations (5) [1] Blockchain-based trading platform for monetary claim trust beneficiary certificates (APANDA Partners and Shinhan Investment Corp.) [Service overview] ○ Loan claims secured by large physical assets held by financial institutions are placed in trust, and the resulting trust benefi...
www.fsc.go.kr
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