South Korea Calls For Global Collaboration in Regulating Crypto World
To achieve this fete, South Korea wants global partnership in order to achieve transparency in the industry.
Korea Stresses the Need of Global Regulatory System For Cryptos
South Korea is now seeking the collaboration of countries worldwide in coming up with laws that will regulate cryptos and ICOs. The reports are according to posts in various media outlets within the Asian state.
Over the last months, major countries have been warming up towards cryptocurrencies and South Korea has not been left behind. For some time now, authorities in South Korea have been studying the crypto industry. The research has been focused on how to come up with the best laws. Recently, the Asian economic giant launched a cryptocurrency section under the Financial Services Commission. The launch is part of the country’s measures towards setting up with appropriate regulations.
The country’s postal service has also been making major moves towards understanding the operation in the crypto world. The service has planned for a meeting Goldman Sachs on learning more about cryptos. Currently, the service holds assets worth $112 billion. However, analysts are concerned that in case heavy regulations are introduced, investors might move to friendlier regions.
At the moment, South Korea is considered as a major crypto hub and seeks to maintain this status. To be among the leading countries, Korea seeks to have more partnerships between policymakers since it is the only way to reap big from the industry.
South Korea Takes Lead in Calling for Global Cooperation
According to FSC boss Yun Seok-Hun, South Korea has been public over its calls to have international cooperation when handling all crypto issues. He noted that at the recent Integrated Financial Supervisory Commission held in Seoul, FSC focused on facilitating legal and institutional support for blockchain network. It also provided big data in addition to fostering financial services evolution.
Hun further highlighted that there is a need for a crackdown on illegal crypto activities as a measure of promoting transparency and accountability. He said that the risks of the industry cannot be ignored.
During the conference, Hun stressed the importance of protecting consumers of cryptocurrency products. He argued the participants to come together and create a global regulatory system. He pointed that a global regulatory channel will be vital in enhancing consumer protection as well as curbing criminal activities associated with the sector.
The Seoul forum was graced by participants from North America, Europe and Asia. Additionally, officials under the IFSC were also present.