SEOUL, South Korea—At an annual international conference of regulators here, the South Korean Financial Supervisory Service urged regulators from 14 other countries to create an international discipline system for cryptocurrency and initial coin offerings.
The Korean government also outlined its current crypto countermeasures and pushed for better information sharing and international cooperation, Bitcoin.com reported.
During the 20th Integrated Financial Supervisors Conference (IFSC), the governor of the Korea’s Financial Supervisory Service (FSS), Yoon Suk-heun, urged representatives from all countries attending the event to jointly respond to cryptocurrency risks.
The event was attended by officials from 14 countries, including the U.K., Japan, Germany, Canada, Australia, and Singapore.
Suk-heun said authorities are being challenged 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.”