Need to have global regulation for cryptocurrencies, says South Korean official
Addressing the need for greater understanding among nations to bring some order into the unregulated world of cryptocurrencies and blockchain, an official from South Korea’s Financial Supervisory Service (FSS) has proposed greater international cooperation between regulators from different countries to draft regulations for cryptocurrencies and initial coin offerings (ICOs).
According to a report by the local news outlet Asian Economic TV, Yoon Suk-heun, governor of FSS, made a statement about the potential for more cooperation during the opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held in Seoul Thursday on September 6. The conference was attended by officials from 15 countries.
The official stressed that country’s main aim is to “improve transparency in transactions to prevent illegal activities.” Yoon Suk-Heun urged the need for international coordination, including information sharing among countries, in preparation for the risk of money laundering that could rise as new financial products or services emerge.
Emphasizing the need for a transparent system, the FSS governor also mentioned that cryptocurrency regulations must include a consumer protection system and internal control of finance companies.
The IFSC is a consultative body of countries, which comprehensively supervises the financial industry, including banks, insurance and securities companies, designed to discuss the direction of global supervision. Its members include, South Korea, Japan, Australia, Singapore, Canada, the United Kingdom, Germany, the Netherlands, Austria, Switzerland, Norway, Sweden, Hungary, Iceland, Denmark and Ireland.
South Korea investing big in cryptocurrencies and blockchain
As reported earlier by BC Focus, South Korea is making serious efforts towards regulating its blockchain and cryptocurrency sector by forming its maiden cryptocurrency regulation. The country’s officials have visited Switzerland’s Crypto Valley to gain an understanding of this evolving technology, while South Korean lawmakers have also discussed plans to create their own “Blockchain Island”.
The government will be investing $4.4 billion in emerging technology entities, zeroing in on big data and blockchain tech.
Jeju Island governor Won Hee-ryong had recently invited Roger Ver for the purpose of demonstrating how to use cryptocurrencies. Hee-ryong finds blockchain as an opportunity for South Korea to become a leader in global internet development, “Blockchain is an opportunity for Korea to take the lead in global internet platform (development).”
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