A civil servant working at the South Korean Financial Supervisory Service also known as the FSS named Yoon Suk-Heun has proposed that there should be better cooperation between the international authorities regarding crypto and ICO regulation. The verdict was made during the opening ceremony of the 20th FSS conference in Seoul with the aim of more cooperative opportunities.
"Increasing transparency in transactions in order to prevent illegal activities".
"Increasing transparency in transactions in order to prevent illegal activities". This is the main purpose of the FSS and Suk-Heunemphasized this the most. He called on countries to share more information so he wants to reduce the risk of money laundering when introducing new financial products. Suk-Heun also called for a system to be developed for consumer protection and the internal control of crypto-related financial companies.
It is not the first time that South Korea has made the news because they want to restrict crypto. On the 13 of August the South Korean government announced that it would exclude crypto conferences from legislation for companies.
Yet the government continues to stick to the idea of blockchain. They want to invest 5 trillion won or 4.4 billion dollars in “the new growth through innovation program” that also includes blockchain. The amount is an increase of 65 percent compared to last year. By taking this kind of measures they hope that the private sector will follow.
The ministry says that in 2018 they have invested 511 billion dollars in big data, AI and blockchain technology. But it does not stop here, they want to raise this figure to 918 billion dollars in 2019 an increase of 80%.
It does not stop here the South Korean government, which is launching a 2.6 trillion won fund for startups in the IT sector earlier also indicated that they plan to invest in education concerning blockchain technology.
The question remains how do we go on from here? Will other countries take an example of the South Korean regulations or will they stimulate crypto? One thing is certain South Korea will remain to play a big role in the crypto world for some time
Is Wall Street going to step in?
The Japanese crypto police.