On March 18, Seoul became the focal point for an important international dialogue on the future of cryptocurrency regulation. The Financial Services Commission (FSC), South Korea's premier financial regulatory body, hosted officials from the Association of Southeast Asian Nations (ASEAN) and the Organisation for Economic Co-operation and Development (OECD) to discuss the evolving landscape of digital finance.

This event marks a significant step towards international cooperation in the regulation of digital currencies and assets.

The discussions were part of the 'South Korea-OECD Roundtable: On Digital Finance in ASEAN', aiming to share insights on the progress and challenges of digital finance policies within ASEAN countries.

The participants expressed a unified desire to address and mitigate the risks associated with cryptocurrencies and other digital financial technologies. Such collaboration indicates a growing awareness of the need for a coordinated approach to oversee the rapidly expanding digital finance sector.

The conference featured in-depth presentations and discussions on a range of topics, including central bank digital currencies (CBDCs) and crypto assets.

This gathering of financial regulatory authorities, central bank officials, and representatives from major financial institutions across Asia and OECD member countries facilitated a rich exchange of ideas and best practices. The goal was to identify common challenges and explore potential solutions in the realm of digital finance.

On the following day, March 19, the dialogue continued with a focus on the implications of artificial intelligence in the financial sector. Kim So-young, Vice Chairman of the FSC, emphasized the positive impacts of financial innovation through digital technology, such as increased productivity in the financial industry.

However, he also highlighted the importance of establishing an appropriate regulatory framework to manage the risks posed by new technologies and protect consumers.

The roundtable concluded with a call for strengthened cooperation among South Korean regulators, their ASEAN and OECD counterparts, and the broader international community. By sharing global trends and exchanging opinions on digital finance, the participants aimed to align their regulatory practices and ensure consistency within the international regulatory system.

This meeting underscores the global push towards a more harmonized approach to managing the complexities of the digital finance ecosystem.