At an annual worldwide convention for regulators in Seoul, the South Korean Financial Supervisory Service urged regulators from 14 different nations to create a world self-discipline system for cryptocurrency and preliminary coin choices. The Korean authorities also outlined its present crypto countermeasures and pushed for higher data sharing and worldwide cooperation.
International Discipline System
The 20th Integrated Financial Supervisors Conference (IFSC) happened on September 6-7 in Seoul. The governor of the nation’s Financial Supervisory Service (FSS), Yoon Suk-heun, urged representatives from all nations attending the occasion to collectively reply to cryptocurrency dangers.
The occasion was attended by officers from 14 nations, together with the UK, Japan, Germany, Canada, Australia, and Singapore. The regulators met to share and talk about international regulatory points, together with these associated to cryptocurrencies.
According to the Korea Times, Yoon mentioned:
The authorities are in a troublesome scenario to decrease the negative effects whereas encouraging monetary innovation…The intention is to calm overheated hypothesis and forestall unlawful actions towards new dangers related to digital currency or preliminary coin choices (ICOs)…We want to create a world self-discipline system, which may solely generate regulatory positive factors between nations.
Citing that crypto and ICO actions are carried out throughout borders, Yoon emphasised that “it would be better to create an international discipline system” reasonably than every nation responding individually, Hankook Ilbo reported.
Countermeasures Discussed
Yoon proceeded to clarify South Korea’s present countermeasures for new monetary services together with cryptocurrency, ICOs, and fintech, Etnews reported. They embody a “supervision method for effective internal control and compliance of financial companies, the direction of financial consumer protection system and financial inclusion policy, [and the] effective anti-money laundering system and how to operate it.”
The governor believes that the “internal control of financial companies is a way to safely manage customer assets and maintain sound management.” In addition, he hopes that “the level of information sharing and international cooperation would be further strengthened,” the publication conveyed, including:
Korea has faithfully applied worldwide supervision requirements reminiscent of reporting uncertain transactions, confiscation of felony proceeds associated to the prevention of cash laundering, and increasing the alternate of data between nations.
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