South Korea calls on 14 countries to create international regulations for cryptocurrency

South Korea calls on 14 countries to create international regulations for cryptocurrency

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Answer South Korea calls on 14 countries to create international regulations for cryptocurrency

South Korea urges 14 countries to establish international discipline for encryption

At the annual International Conference of Regulators in Seoul, South Korea’s Financial Supervisory Authority urged regulators from 14 other countries to set up an international digital currency disciplinary and regulatory system for initial coin offerings. The Korean government also clarified its current encryption measures, stressing the importance of sharing information and achieving international cooperation between them.

international discipline system

The 20th Financial Supervisors Conference (IFSC) was held from September 6-7 in Seoul (the capital of South Korea). The country’s Financial Supervisory Authority Governor Yoon Seok-hyun urged representatives from all countries attending the event to participate in regulating and addressing cryptocurrency risks.

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The event was attended by officials from 14 countries, including the United Kingdom, Japan, Germany, Canada, Australia and Singapore. The regulators came together to share and discuss global regulatory issues, including those related to crypto operations.

According to the Korea Times, Yoon said:

“The authorities are in a difficult position to reduce the side effects and potential risks as well as encourage financial innovation… The goal is to quell frantic speculation and prevent illegal activities against new risks associated with cryptocurrency or initial coin offerings (ICO)… That is why we need to create an international system to regulate this, which It can only generate regulatory gains between countries.”

Based on crypto and ICO activities being carried out across borders, Yoon stressed that it “would be better to establish an international disciplinary and punitive system” rather than each country responding individually, according to Hankook Ilbo.

Discuss countermeasures

South Korea Urges 14 Countries to Create an International Discipline for CryptoYoon Set to Explain South Korea’s Current Countermeasures for New Financial Services Including Launching New Digital Currencies and Trading and Investing Existing Cryptocurrencies and FinTech, Etnews stated that this includes “ The method of supervising effective internal control and compliance of financial companies, the compliance of the financial consumer protection system with its functions and the policy of financial inclusion, and building an effective anti-money laundering system.

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The governor believes that “the internal control of financial firms is a way to safely manage client assets and maintain proper management.” In addition; He hopes to “strengthen the level of information exchange and international cooperation.”

“South Korea has faithfully implemented international supervision standards such as reporting suspicious transactions, confiscating criminal proceeds related to money laundering prevention, and expanding information exchange between countries,” he added.

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