South Korea Urges 14 Countries to Create International Discipline System for Crypto

At an annual international conference for regulators in Seoul, the South Korean Financial Supervisory Service urged regulators from 14 other countries to create an international discipline system for cryptocurrency and initial coin offerings. The Korean government also outlined its current crypto countermeasures and pushed for better information sharing and international cooperation.

International Discipline System

The 20th Integrated Financial Supervisors Conference (IFSC) took place on September 6-7 in Seoul. The governor of the country’s Financial Supervisory Service (FSS), Yoon Suk-heun, urged representatives from all countries attending the event to jointly respond to cryptocurrency risks.

The event was attended by officials from 14 countries, including the UK, Japan, Germany, Canada, Australia, and Singapore. The regulators met to share and discuss global regulatory issues, including those related to cryptocurrencies.

According to the Korea Times, Yoon said:

Citing that crypto and ICO activities are carried out across borders, Yoon emphasized that “it would be better to create an international discipline system” rather than each country responding individually, Hankook Ilbo reported.

Countermeasures Discussed

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, adding: