On March 18 in Seoul, discussions took place between South Korean regulators and representatives of the Association of Southeast Asian Nations (ASEAN) and the Organisation for Economic Co-operation and Development (OECD) regarding cryptocurrency policies.
The event was organized by the Financial Services Commission (FSC), the top financial regulator in South Korea, as reported by Yonhap agency.
Seeking International Cooperation in Cryptocurrency Regulation
The FSC announced that the aim of the international conference was to share information on progress in digital finance in ASEAN countries and discuss risks associated with cryptocurrencies and other areas.
This meeting was part of a larger initiative called the "South Korea-OECD Roundtable: On Digital Finance in ASEAN," attended by representatives of the Korea Institute of Finance.
Another round of discussions was scheduled for March 19, with the first day focusing on presentations and discussions on central bank digital currencies and crypto assets.
Financial regulators, central bank officials, and other key representatives of financial institutions from Asia and OECD member countries attended the meeting. It was agreed to share information on global trends and exchange views on digital finance.
Focus on Artificial Intelligence and Financial Innovation
On March 19, participants reconvened to discuss the use of artificial intelligence in the financial sector.
Kim So-young, Vice Chairman of the FSC, emphasized in his opening speech that financial innovation through digital technologies brings positive changes, such as increased productivity in the financial sector. He also noted the importance of creating an appropriate regulatory framework to monitor potential risks and protect consumers.
He called on South Korean regulators and their counterparts from ASEAN and OECD to take an active approach to addressing the challenges posed by digital finance and crypto markets.
Towards International Rules for Cryptocurrencies
Kim emphasized the importance of international cooperation and sharing information on financial trends with global organizations and key world countries, including ASEAN states, to ensure compatibility with the international regulatory system.
There was also discussion about the need for approval of bitcoin spot ETFs, but it was stated that a decision would be made only after the issuance of new legislation.
In February, reports emerged in South Korea that the Fair Trade Commission is planning to investigate the sale of concert tickets for popular K-pop star PSY supported by NFTs, indicating growing interest in regulating and approaching new financial technologies.
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