The South Korean government has called for financial regulators and central bankers of 23 other countries as well as 12 organizations, including the International Monetary Fund and the European Union, to collaborate on curbing cryptocurrency trading.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Other Regulators Urged to Take Action

South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto TradingThe vice chairman of the South Korean Financial Supervisory Commission (FSC), Kim Yong-bum, represented his country on Monday at the meeting of the Financial Stability Board (FSB) Steering Committee in Basel, Switzerland.

South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading
Kim Yong-bum.

The FSB is an international body that monitors and makes recommendations about the global financial system. Its members are financial regulators and central bankers from 24 countries, including South Korea, as well as 12 international organizations. Among countries represented are China, Japan, India, Russia, South Africa, Switzerland, the U.K. and the U.S. The organizations represented include the International Monetary Fund (IMF), the Bank of International Settlements (BIS), the World Bank, the European Central Bank (ECB), and the European Commission.

At the meeting, discussions were held “on the evaluation of regulatory reforms including virtual currency, mitigation measures against cybercrime, and cybersecurity,” Aju News reported. Speaking about cross-border cyber transactions being used for illegal acts and money laundering, Kim Read More Here