South Korean regulators are looking for a cooperation between South Korea, Japan and China. Six banks have been targeted by the regulators in South Korea about crypto trading.
The finance ministers from Asian countries have already exchanged ideas last month. According to Yonhap News Agency, South Korea aims to set up a detailed system of cooperation. South Korean top financial regulator briefed media about the bank inspection. Choi thinks investing cryptocurrencies is an irraitonal trend. He noted that it’s an “ongoing fever of speculative investment.” According to Choi, cryptocurrencies are unable to play a role as a means of payment. He thinks this only can trigger side effects, which are fraud, illegal fundraising, hacking, speculation and manipulation of market prices.
Choi Jong-ku said the world was facing a “policy challenge pandemic” and added that Korea’s “trial-and-error” experience can help shape trilateral efforts to implement regulations.
No one can tell if China and Japan will team up with South Korea to work out a common approach to regulation at this time. Let’s see what will happen and keep following us for updates.