South Korea сalls for international cooperation to regulate cryptocurrency

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2 months ago
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The South Korean Financial Supervision Service (FSS) has proposed to organize international cooperation between regulators from different countries to develop common norms regarding crypto and ICO markets.

Yoon Suk-heun, a FSS manager, issued a statement calling for close international cooperation in the regulation of the digital assets market during the opening ceremony. The 20th Integrated Financial Supervisors Conference held in Seoul on Thursday, 6 September, which was attended by officials from 15 countries.

The head of FSS mentioned that regulation in the field of cryptocurrency should include a system of consumer protection and internal control of financial companies.

IFSC is a supervisory financial industry organization that includes banks and insurance companies. IFSC members include South Korea, Japan, Australia, Singapore, Canada, Great Britain, Germany, Netherlands, Austria, Switzerland, Norway, Sweden, Hungary, Iceland, Denmark and Ireland.