Financial Services Commission Chairman Choi Jong-ku proposed global cooperation for regulating cryptocurrencies.

In a meeting at the Financial Action Task Force of 24 countries and 10 international agencies, including the World Bank and the International Monetary Fund in New York last week, the chairman suggested the task force set a global guideline on cryptocurrencies.

His statement does not mean that South Korea would issue a guideline on initial coin offering (ICO). Choi has said any ICO guideline might mislead investors into believing that the government backs the ICO.

The Korean regulator still regards ICOs as a casino-like speculation tool.