FSS Gov. Stresses Need for Global Regulatory System
Financial Supervisory Service (FSS) Governor Yoon Suk-heun warned that new financial services, such as cryptocurrencies and fintech, can cause risks in terms of consumer protection. In particular, he stressed the need to create a global regulatory system for cryptocurrencies.
During an opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held at Lotte Hotel in Seoul on Sept. 6, Yoon said, “For new risks involving cryptocurrencies, we must calm overheated speculation and crack down on illegal activities.”
The IFSC is a consultative body of countries, which comprehensively supervises the financial industry, including banks, insurance and securities companies, designed to discuss the direction of global supervision. It has 16 members, including South Korea, Japan, Australia, Singapore, Canada, the United Kingdom, Germany, the Netherlands, Austria, Switzerland, Norway, Sweden, Hungary, Iceland, Denmark and Ireland..
According to foreign news reports on the same day, the price of bitcoin dropped by as much as 12.26 percent to US$6,464 (7.26 million won) as of 2:30 p.m. in Korean time compared to a day earlier as U.S.-based Goldman Sachs has scratched its plans to open a desk for trading cryptocurrencies for the first time in Wall Street by reason of the U.S. government’s regulatory uncertainty.