South Korean Regulators Discuss Crypto Regulation with ASEAN, OECD Officials

Crypto Regulation South Korea

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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March 18, 2024

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South Korean regulators talked to officials from ASEAN, the Association of Southeast Asian Nations, and the OECD about crypto policy in Seoul on March 18.

Per Yonhap, the event was hosted by the Seoul-based Financial Services Commission (FSC), South Korea’s top financial regulator.

South Korean Regulators Aiming for International Crypto Cooperation?

The FSC announced that its international conference would “share the progress of digital finance policies in ASEAN countries.”

The parties said they wanted to “resolve risks” surrounding crypto and other matters.

The regulator said the meeting was part of an event named “South Korea-OECD Roundtable: On Digital Finance in ASEAN.”

Officials from the Korea Institute of Finance also took part in the talks.

The parties will hold a second round of talks on March 19. But the March 18 discussions featured “presentations and discussions” on “topics related to central bank digital currencies and cryptoassets.”

South Korean regulators were joined by “financial regulatory authorities, central bank officials, and other major financial institution officials from Asia and OECD member countries.”

The FSC said the parties had agreed to “share findings on global trends and exchange opinions on digital finance.”

On March 19, the parties met to exchange opinions on artificial intelligence in the financial sector.

Kim So-young, Vice Chairman of the FSC, said in his opening speech:

“Financial innovation through digital technology is bringing positive effects. These include increased productivity in the financial industry. […] We will establish an appropriate regulatory system. This will help us police the risk factors new technologies may bring. It will also help us protect consumers.”

The FSC VC called on South Korean regulators and their ASEAN and OECD counterparts to launch “an active response” to the challenges of digital finance and the crypto markets.

International Crypto Regulations on Their Way?

Kim added:

“Intentional exchange is expanding in the financial industry. So we must share the latest financial trends with international organizations and major global countries. That includes ASEAN countries.”

The FSC official concluded that South Korea and ASEAN nations should “strengthen cooperation to ensure consistency with the international regulatory system.”

South Korea’s direct investment flows into China last year fell the most in data going back more than three decades in a sign of weakening economic ties https://t.co/aoDBZ47VEB

— Bloomberg (@business) March 15, 2024

Regulators have been pressured to approve a Bitcoin spot ETF. However, they have stated that they will not act before the launch of new legislation.

In February, reports in South Korea claimed the regulatory Fair Trade Commission was set to investigate the K-pop star PSY’s NFT-powered concert ticket sales.