South Korean Regulators Discuss Crypto Policy with ASEAN and OECD Officials

South Korean regulators convened with officials from the Association of Southeast Asian Nations (ASEAN) and the Organisation for Economic Co-operation and Development (OECD) in Seoul on March 18 to discuss crypto policy. Hosted by the Financial Services Commission (FSC), South Korea’s top financial regulator, the event aimed to share progress on digital finance policies within ASEAN countries and address risks associated with cryptocurrencies and other related matters. Participants included financial regulatory authorities, central bank officials, and major financial institution officials from Asia and OECD member countries.

The discussions, part of the “South Korea-OECD Roundtable: On Digital Finance in ASEAN,” covered topics such as central bank digital currencies (CBDCs) and cryptoassets. Kim So-young, Vice Chairman of the FSC, emphasized the positive effects of financial innovation through digital technology and highlighted the need for an appropriate regulatory framework to manage associated risks and protect consumers. He called for active collaboration among South Korean regulators, their ASEAN and OECD counterparts, and international organizations to address challenges in digital finance and crypto markets.

Kim stressed the importance of intentional exchange and cooperation to ensure consistency with the international regulatory system, emphasizing the need for South Korea and ASEAN nations to strengthen cooperation in this regard. The discussions reflect ongoing efforts by regulators to navigate the evolving landscape of digital finance and cryptocurrencies, balancing innovation with investor protection. Meanwhile, South Korean regulators have faced pressure regarding the approval of a Bitcoin spot ETF, and recent reports suggest investigations into NFT-powered concert ticket sales by K-pop star PSY.