Regulators go global to meet the crypto challenge.
The governor of the South Korean Financial Supervisory Service, Yoon Suk-Heun, has reportedly issued a statement urging more cooperation between regulators to agree upon cryptocurrency and Initial Coin Offering (ICO) regulations.
The declaration was made during the 20th annual Integrated Financial Supervisors Conference (IFSC), held in Seoul on September 6.
International coordination includes the sharing of information between countries to combat harmful practices such as money laundering.
Regulation of cryptocurrencies is expected to include a system of consumer protection and internal controls for financial companies.
South Korea’s main objective is “to improve transparency in transactions to prevent illegal activities.” Media reports suggest that South Korea wants to develop a blockchain center in Busan, a large port city, modeled on Switzerland’s Crypto Valley. The IFSC is an annual meeting of financial supervisory authorities. Its members iinclude South Korea, Japan, Australia, Singapore, the UK, Germany, the Netherlands, Norway, Sweden, Denmark and Ireland.