South Korea's financial watchdog has called for global cooperation in efforts to control cryptocurrency transactions.

Kim Yong-beom, vice chairman of the Financial Services Commission(FSC), made the call during a Steering Committee meeting of the Financial Stability Board(FSB) held in Basel, Switzerland on Monday.

The Board comprises leaders of eight international organizations, including the International Monetary Fund, and the chiefs of 30 central banks or financial authorities of 23 countries.

During the conference, Kim stressed the need for authorities to give attention to the increasing global financial risks related to virtual currencies. 

He said that cryptocurrencies that have operated for the most part outside regulatory boundaries are recently influencing conventional financial systems and consumers. He said they are too big of a risk to be ignored.