Yoon Suk-heun proposes “international discipline system” for crypto in South Korea
Recently, officials and regulators from fifteen countries gathered to discuss cryptocurrency and global regulatory issues in Seoul.Tweet this
On September 6th, regulators from South Korea, Japan, Canada, Australia, the United Kingdom, and Germany gathered to discuss global regulatory issues at the 20th annual Integrated Financial Supervisors Conference (IFSC). Attending the event in Seoul was the new South Korean Financial Supervisory Service governor Yoon Suk-heun, who took office on May 8 of this year.
It was earlier reported that Yoon would ease regulations on domestic cryptocurrency trading, but during the opening ceremony of the IFSC event, he commented on the need for an “international disciple system” and said:
“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)”
Many countries across the world are also in the process of implementing their own regulatory guidelines relating to cryptocurrencies, so its only natural for South Korea to follow suit.
“Korea has faithfully implemented international supervision standards such as reporting doubtful transactions, confiscation of criminal proceeds related to the prevention of money laundering and expanding the exchange of information between countries. We need to create an international discipline system, which can only generate regulatory gains between countries.”
It seems the governor has high hopes that international cooperation will be strengthened and went on to explain that the newly proposed system includes:
“a supervision method for effective internal control and compliance of financial companies, the direction of financial consumer protection system and financial inclusion policy, [and the] effective anti-money laundering system and how to operate it.”
In January, after banning the use of anonymous bank accounts in transactions to prevent crypto being used for money laundering and other illegal activities, South Korea began a real-name trading system part of the government’s latest measures to curb speculative investment into virtual money.