Representatives from South Korea attend international conferences and call on all nations to work together to curb cryptocurrency transactions

nBankruptcy comment: South Korean regulators not only in their own countries to actively carry out cryptocurrency regulation, but also keen on exchanges with other countries, called for all countries to work together to develop virtual currency countermeasures. At a meeting of the International Financial Steady Council (FSB) this week, the vice chairman of the Korea Financial Commission issued a number of opinions on the virtual currency and pointed out that the member states and their representative bodies in the organization should share this information, Joint suppression of encrypted currency transactions.n
nTranslation: Inan
Kim Yong-bum, deputy chairman of the Korea Financial Services Committee (FSC), represented Korea on Monday at the Steering Committee of the Financial Stability Board (FSB) in Basel, Switzerland.n
The FSB is an international agency that oversees and advises the global financial system. Its members are financial regulators and central bankers from 24 countries (including South Korea) and 12 international organizations; the major member countries include China, Japan, India, Russia, South Africa, Switzerland, the United Kingdom and the United States; the representative bodies include the International Monetary IMF, Bank for International Settlements (BIS), World Bank, European Central Bank (ECB) and European Commission.n

According to the report of “Asian Economy,” the meeting discussed the “assessment of virtual currency regulatory reform, measures to reduce cybercrime and cybersecurity.” When talking about cross-border online transactions being used for illegal activities and money laundering, Kim Yong-bum called for “international cooperation to curb virtual currency transactions.” He pointed out that it was time to conduct a comprehensive international discussion of this issue and he asserted:n
n”As national financial risks from virtual currency are on the rise, financial authorities need to pay close attention to this … virtual currencies that are not traditionally regulated by the financial authorities are affecting consumers.”n

Kim Yong-bumn
Kim Yong-bum explains how the South Korean government has taken “a cessation of the provision of a new virtual account service for virtual currency exchanges and an enhanced verification of the true name of the account holder” and then told other financial regulators:n
n”Virtual currencies are too risky to ignore … We will improve transparency, prevent the spread of speculative transactions and prevent money laundering.”n
nHe then asked the FSB to take action, stating “there is a need for the FSB to rapidly study the potential risks of fictitious currencies in financial stability.” He suggested: “We must support virtual currency countermeasures by consolidating and sharing information about the content and effects of the regulation of virtual currencies across countries.”n

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