South Korea Calls For Global Cryptocurrency Control System

September 11, 2018

South Korean Financial Supervisory Service (FSS) has called regulators of 14 countries to establish international system for ICO and cryptocurrencies at the annual Integrated Financial Supervisors Conference (IFSC). The Korean government also voiced its plans to fight crypto crimes and strive for advanced data exchange and international collaboration.

Officials of 14 countries took part at the conference with the UK, Japan, Germany, Canada, Australia, and Singapore among them. The regulators assembled to discuss global issues of regulation including those related to cryptocurrencies.

According to Korea Times, the FSS governor Yoon Suk-heun stated:

“The authorities are in a difficult situation to minimize the side effects while encouraging financial innovation…The aim is to calm overheated speculation and prevent illegal activities against new risks associated with virtual currency or initial coin offerings (ICOs)…We need to create an international discipline system, which can only generate regulatory gains between countries”.

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