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South Korean Regulators Meeting with ASEAN and OECD Officials
South Korean regulators engaged in discussions with officials from ASEAN and the OECD regarding crypto policy in Seoul. The event, organized by the Financial Services Commission (FSC) of South Korea, aimed to foster international cooperation in the realm of digital finance policies.
Key Points from the Meeting
- The FSC hosted an international conference to share progress on digital finance policies in ASEAN countries.
- Parties expressed the desire to address risks associated with crypto and related matters.
- The meeting was part of the “South Korea-OECD Roundtable: On Digital Finance in ASEAN” event.
- Discussions included topics on central bank digital currencies and cryptoassets.
- Officials from the Korea Institute of Finance also participated in the talks.
Future Plans and Initiatives
The parties agreed to continue discussions with a focus on global trends and digital finance. They also deliberated on the role of artificial intelligence in the financial sector.
In his opening speech, Kim So-young, Vice Chairman of the FSC, emphasized the importance of financial innovation through digital technology and the need for a robust regulatory system to manage associated risks and protect consumers.
International Collaboration for Regulatory Consistency
Kim highlighted the expanding intentional exchange in the financial industry and stressed the importance of sharing financial trends with international organizations and major global countries, including ASEAN nations.
The FSC official concluded that strengthening cooperation between South Korea and ASEAN countries is essential to ensure alignment with the international regulatory framework.
Regulators have faced pressure to approve a Bitcoin spot ETF, but have indicated a wait for new legislation before taking action. Reports also emerged about the regulatory Fair Trade Commission investigating NFT-powered concert ticket sales of K-pop star PSY.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
