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South Korea Asks For Global Participation In Cryptocurrency Regulation




The vice chairman of the South Korean Financial Services Commission is calling for support from regulators around the world to examine cryptocurrencies.

On January 8, 2018, vice chairman of the South Korean Financial Services Commission, Kim Yong-bum, appeared before the Steering Committee of the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, convened in Basel, Switzerland.

Local sources reported that the meeting included deliberations over cryptocurrency regulatory reform, efforts to dampen cybercrime, and cybersecurity. The audience was comprised of representatives from China, Japan, India, Russia, South Africa, Switzerland, the UK, and the US. Members of international organizations were also present, including agents from the International Monetary Fund, the Bank of International Settlements, the World Bank, the European Central Bank, and the European Commission.

According to Kim, "international coordination" would be necessary "to curb virtual currency trading." Calling for a global debate, Kim said, "As the international financial risks related to virtual currency increase, the financial authorities need to pay close attention to this … In particular, virtual currency, which is outside the traditional regulatory domain of financial authorities, is affecting consumers."

Kim detailed the efforts of South Korea to "stop providing new virtual account services for virtual currency exchanges and strengthen measures to verify [account holders'] real names." He went on to say, "Virtual currency is too risky to ignore…We will improve transparency, prevent the spread of speculative transactions, and prevent money laundering."

Kim recommended that the FSB take measures to investigate cryptocurrency and assess cautionary factors. He said, "It is necessary [for the FSB] to speedily study the potential risks of virtual currency in financial stability ... we must support virtual currency countermeasures by integrating and sharing relevant information such as the contents and effects of the virtual currency regulation of each country."

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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