The South Korean Financial Supervisory Service (SKFSS) has urged regulator from 14 other countries to create an international discipline system for coin offerings and cryptocurrency.
Yoon Suk Heun, the governor of country’s (SKFSS) in 20th Integrated Financial Supervisors Conference which took place in Seoul, urged representatives from all countries to jointly respond to cryptocurrency risks. The event was attended by 14 countries including the UK, Japan, Germany, Canada and others.
According to the Korea Times, Yoon 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)…We need to create an international discipline system, which can only generate regulatory gains between countries.