FSS Chairman Proposes Expanded Cooperation for Global Crypto Regulation

A representative of South Korea's Financial Supervisory Service (FSS) has proposed expanding international cooperation between regulators regarding the creation of global rules for cryptocurrencies and ICOs, local news agency Asian Economic TV reported.

Youn Suk-Hoon, Chairman of the FSS, made a statement about the possibility of further cooperation at the opening ceremony of the 20th Conference on Integrated Financial Supervision, which was held in Seoul, which was attended by representatives from the 15 member countries of the International Financial Services Commission (IFSC). 

Youn Suk-Hoon stressed that the country's main goal is to “increase transaction transparency to prevent illegal activities,” and also stated the need for international coordination and information exchange between countries to prevent cases of money laundering, the risk of which is associated with the emergence of new financial products or services.

The FSS Chairman also noted that cryptocurrency regulation should include a consumer protection system and internal controls of financial companies.

IFSC is an organization that supervises the financial industry, including banks and insurance companies. IFSC members include South Korea, Japan, Australia, Singapore, Canada, United Kingdom, Germany, the Netherlands, Austria, Switzerland, Norway, Sweden, Hungary, Iceland, Denmark and Ireland.

 South Korea has previously announced its intention to use cryptocurrency and blockchain to provide various financial services. The country's officials visited the crypto valley of Zug in Switzerland to gain insight into the technology, while South Korean lawmakers discussed creating their own blockchain island - Crypto Beach.

 However, the government has also taken strict regulatory measures cryptocurrency market. In August, cryptocurrency exchanges were excluded from the legislation regulating venture enterprises.