South Korea has been expressing interest in integrating blockchain technology in various services throughout the past months. There were even reports of South Korean lawmakers discussing creating a “Blockchain Island”. However, at the moment, with the current regulations, not much development is going on. Just last month in August, Cointelegraph reported that the government excluded exchanges from legislation governing venture businesses.
According to local news outlet Asian Economic TV, an official from South Korea’s Financial Supervisory Service (FSS) has proposed that greater international cooperation between regulators for crypto and Initial Coin Offering(ICO) regulation last Friday.
At the opening ceremony of the 20th Integrated Financial Supervisors Conference(IFSC) held in Seoul last week, Yoon Suk-Heun, governor of FSS, talked about the potential for more cooperation between international regulators.
The governor of FSS explained that South Korea’s main aim is to “improve transparency in transactions to prevent illegal activities.” The South Korean official believes that there is a need for international coordination, which includes sharing information among countries so as to be prepared for the risk of money laundering that could emerge in the form of financial products or services.
The South Korean official also mentioned cryptocurrency regulation must include a consumer protection system and internal control of finance.
In time, perhaps we will see an international blockchain and cryptocurrency regulation committee being formed to oversee and regulate the space. But then again, there is always the argument between is there a need for regulation and the need for regulation.
On another note, things are looking good for Asia. The past month has been full of great developments with more and more countries opening up their doors to crypto and blockchain. South Korean exchange Bithumb partnered with NongHyup Bank re-opened registrations which is a positive sign that South Korea is slowly making a come back.