At a yearly worldwide gathering for controllers in Seoul, the South Korean Financial Supervisory Service encouraged controllers from 14 different nations to make a universal order framework for digital money and introductory coin contributions. The Korean government additionally illustrated its current crypto countermeasures and pushed for better data sharing and worldwide collaboration.
Universal Discipline System
The twentieth Integrated Financial Supervisors Conference (IFSC) occurred on September 6-7 in Seoul. The legislative head of the nation's Financial Supervisory Service (FSS), Yoon Suk-heun, asked delegates from all nations going to the occasion to mutually react to digital money dangers.The occasion was gone to by authorities from 14 nations, including the UK, Japan, Germany, Canada, Australia, and Singapore. The controllers met to share and talk about worldwide administrative issues, including those identified with cryptographic forms of money.
As per the Korea Times, Yoon stated:
The specialists are in a troublesome circumstance to limit the reactions while empowering budgetary advancement… The point is to quiet overheated hypothesis and anticipate unlawful exercises against new dangers related with virtual money or introductory coin contributions (ICOs)… We have to make a universal control framework, which can just produce administrative gains between nations. Refering to that crypto and ICO exercises are completed crosswise over outskirts, Yoon underscored that "it is smarter to make a global order framework" as opposed to every nation reacting separately, Hankook Ilbo revealed.
Countermeasures Discussed
South Korea Urges 14 Countries to Create International Discipline System for CryptoYoon continued to clarify South Korea's present countermeasures for new monetary administrations including cryptographic money, ICOs, and fintech, Etnews detailed. The senator trusts that the "inner control of monetary organizations is an approach to securely oversee client resources and keep up sound administration." furthermore, he trusts that "the level of data sharing and worldwide collaboration would be additionally fortified," the distribution passed on, including:
Korea has dependably executed universal supervision principles, for example, announcing far fetched exchanges, reallocation of criminal continues identified with the aversion of tax evasion, and extending the trading of data between nations.