South Korea ramps up crypto investigations and regulations

South Korea announced Digital Assets Committee, launched an investigation and met with Asia-Pacific financial authorities.

South Korea’s Financial Supervisory Service (FSS) began an investigation into payment gateway services that work with digital assets.

The FSS is South Korea’s financial regulator that operates under the Financial Services Commission (FSC), both of which are government institutions.

the FSS had recently demanded reports from 157 payment gateways about any service related to crypto

its plans for the future and disclosure of digital assets. But, an FSS report stated that only six held any digital assets.

South Korea announced the upcoming launch of the Digital Assets Committee.

According to the announcement, this is a temporary solution to bring structure to the virtual asset industry following the Terra crash.

Per the announcement, the guidelines include screening criteria for newly-listed assets, market monitoring, trade monitoring, a level of disclosure, and other investor protections.

The five major exchanges in the country appear to agree on the standards and have formed their own committee to help prevent another incident similar to Terra.