According to local news Asian Economic TV, an official from South Korea’s Financial Supervisory Services proposed a greater international cooperation between regulators for ICO and crypto regulation.
The government official made clear that the main goal of the country is to improve transparency and to prevent illegal activities as much as possible. He also stressed that international coordination is more than necessary but also that information sharing is a key element in preventing the risk of money laundering. Yook Suk-heun noted that this international cooperation can start at the opening ceremony of the 20th Integrated Financial Supervisors Conference where more than 15 government officials from 15 different countries will attend.
The FSS official also noted that with the high efforts for regulation, there must be also an improved consumer protection system and each country to start internal controls of finance companies. There are organizations that supervise all the financial entities such as insurance companies and banks and one of the most important ones is the IFSC where plenty of countries are members. South Korea is among the members of the ISFC but also Singapore, Iceland, Denmark, Germany, UK and many more.
South Korea already showed great interest in implementing blockchain technology and cryptocurrency to a vast majority of services. The country even sent some officials to visit Switzerland’s Crypto Valley in order to learn and understand the technology so they can create a legal frame around crypto.
South Korea already implemented strict regulation measures in August when the government excluded cryptocurrency exchanges from legislation.
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