There is a greater need for international cooperation between regulators. In fact, it holds the key to have effective regulation in the ICO and crypto industries. These were the thoughts of an official representing the FSS (Financial Supervisory Service) of South Korea.
International Cooperation Key for Efficient Regulation
The governor of the FSS, Yoon Suk-heun emphasized the need for greater cooperation in the sphere.
According to him, the main aim of South Korea has been to “improve transparency in transactions to prevent illegal activities.” He also urged nations around the world to usher in an era of international cooperation. It is essential to work in a coordinated manner to effectively combat the illicit use of cryptocurrencies.
This would include information sharing between the countries, for instance. Such measures would ultimately help reduce the risk of illegal activities such as money laundering. Such sectors are projected to see an increase in activity with the emergence of new financial services and products.
The governor also emphasized that the regulations pertaining to cryptocurrencies should inevitably include a system that protects consumers. He also expressed the need for internal control of the finance companies to this effect.
IFSC — Integrated Financial Supervisors Conference
The IFSC is an organization that oversees the financial sector which includes insurance companies, security institutions, and of course, banks.
Amongst the members of ISFC are Ireland, Hungary, Iceland, Denmark, Austria, Switzerland, Sweden, Japan, South Korea, Singapore, Germany, Netherlands, the UK, and Canada.
South Korea and Cryptocurrencies
South Korea has earlier expressed their willingness in integrating the blockchain and cryptocurrency spaces into various services. The officials of the country had also been to the Crypto Valley in Switzerland earlier. Furthermore, the authorities are also deliberating over the creation of a “Blockchain Island”.
South Korea has been taking strict action against offenders in a bid to regulate the market. The previous month, the South Korean government has exempted crypto exchanges from the legislation that governs venture businesses.
We live in the midst of a rapidly changing scenario where each country around the world is eager to leverage emerging technologies to battle existing problems. In this regard, the statement of the FSS governor comes as an important recommendation for nations to work in coordination.
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