THELOGICALINDIAN - The South Korean government has alleged for banking regulators and axial bankers of 23 added countries as able-bodied as 12 organizations including the International Monetary Fund and the European Union to coact on annoyance cryptocurrency trading
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Other Regulators Urged to Take Action
The carnality administrator of the South Korean Financial Supervisory Commission (FSC), Kim Yong-bum, represented his country on Monday at the affair of the Financial Stability Board (FSB) Steering Committee in Basel, Switzerland.
The FSB is an all-embracing anatomy that monitors and makes recommendations about the all-around banking system. Its members are banking regulators and axial bankers from 24 countries, including South Korea, as able-bodied as 12 all-embracing organizations. Among countries represented are China, Japan, India, Russia, South Africa, Switzerland, the U.K. and the U.S. The organizations represented accommodate the All-embracing Monetary Fund (IMF), the Bank of All-embracing Settlements (BIS), the World Bank, the European Axial Bank (ECB), and the European Commission.
At the meeting, discussions were captivated “on the appraisal of authoritative reforms including basic currency, acknowledgment measures adjoin cybercrime, and cybersecurity,” Aju News reported. Speaking about cross-border cyber affairs actuality acclimated for actionable acts and money laundering, Kim alleged for the “international allocation to barrier basic bill trading,” the advertisement detailed. Citing that it is time to alpha a all-encompassing all-embracing debate, he asserted:
A Call for Collaboration
After answer how his government has taken accomplish to “stop accouterment new basic annual casework for basic bill exchanges and strengthen measures to verify [account holders] absolute names,” Kim told added banking regulators:
He again apprenticed the FSB to booty action, advertence that “It is all-important [for the FSB] to agilely abstraction the abeyant risks of basic bill in banking stability,” the account aperture quoted him saying. Specifically, he suggested, “we charge abutment basic bill countermeasures by amalgam and administration accordant advice such as the capacity and furnishings of the basic bill adjustment of anniversary country.”
What do you anticipate added regulators will do in acknowledgment to Kim’s suggestion? Let us apperceive in the comments area below.
Images address of Shutterstock and Aju News.
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