Yoon Suk-heun, who is the governor of South Korea’s Financial Supervisory Service (FSS), recently proposed that cryptocurrency regulators across the world should cooperate with each other more, not only in regards to cryptocurrency trading, but also in regards to initial coin offerings (ICOs). Suk-heun made the proposals during remarks at the opening of last Thursday's 20th annual Integrated Financial Supervisors (IFS) Conference. The conference, which was held in Seoul, brought together financial regulators from 15 countries that are members of the IFS. These countries include Australia, Austria, Canada, Denmark, Germany, Hungary, Iceland, Ireland, Japan, the Netherlands, Norway, Singapore, South Korea, Sweden, Switzerland and the United Kingdom. Suk-heun said during his remarks that it was the goal of the South Korean government to increase transparency in cryptocurrency trading, so as to prevent transactions from supporting various illegal activities. He believes that it would be helpful if countries cooperated with each other by sharing data, in the hope that this will help alleviate the risk that new financial products and services could be used for purposes of money laundering. Suk-heun also wants countries to take further steps in regulating cryptocurrencies. These steps include establishing consumer protection controls and increasing regulation of finance companies. The South Korean government has already taken a keen interest in cryptocurrencies. A government province is even planning to establish its own cryptocurrency, and government legislators want to integrate cryptocurrencies and its underlying blockchain technology into a slew of products and services. They have even considered creating what they call a "Blockchain Island." To help facilitate this, some members of the South Korean government have traveled to Switzerland and its cryptocurrency hub to gain a better understanding of the technology. At the same time, the South Korean government has tried to rein in its fledgling cryptocurrency markets. Though last month it did exclude such markets from the venture capital regulations it instituted.
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