South Korea Seeks Global Crypto Regulations With Help From Other Nations

South Korea has asked for more cooperation between countries worldwide in the regulation of cryptocurrencies and Initial Coin Offerings (ICOs), according to reports coming from Asian Economic TV on Friday, September 7th.

Like other developed countries seeing a huge interest in cryptocurrency related activities, South Korean officials have been studying the crypto industry and looking for the best ways to regulate it. The recent establishment of a cryptocurrency department at its Financial Services Commission is one of the first steps South Korea has taken to regulate cryptocurrencies.

The South Korean postal service which is in control of assets worth over $112 billion announced its plans to meet with Goldman Sachs in order to learn more about cryptocurrencies. Experts worry that heavy handed regulation of the crypto industry would force innovators to relocate to friendlier jurisdictions.

In order to remain as one of the leading crypto economies and reap the benefits of being a major crypto and blockchain hub, South Korea is pushing for more collaboration between regulatory bodies from different countries. Yun Seok-Hun, the head of the country’s Financial Supervisory Service (FSS), has made known his country’s bid for more international cooperation in dealing with cryptocurrency related issues.

The South Korean official revealed at the 20th Integrated Financial Supervisory Commission (IFSC) which took place in Seoul, that his institution is focused on facilitating legal and institutional support for blockchain technology, big data as well as the fostering of financial services evolution.

Yun Seok-Hun added that:

For new risks involving cryptocurrencies and ICOs, we must calm overheated speculation and crack down on illegal activities and improve transparency.

Yun Seok-Hun

The Korean FSS boss was particularly concerned about the protection of consumers in the cryptocurrency space and called for the officials at the conference to help create a global regulatory system for the cryptocurrency space. He believed this would help protect consumers, improve transparency in the sector and limit money laundering activities.

The conference was attended by officials from the UK, Japan, Germany, Canada, Australia, South Korea, and Singapore. The Netherlands, Austria, Switzerland, Norway, Sweden, Hungary, Iceland, Denmark, and Ireland are the other members of the IFSC, an organization which supervises the financial sectors of the member countries.