South Korea ramps up crypto investigations and regulations

Share This Post

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

On Friday, June 3, 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.

As reported by local news outlet Money Today Co., the FSS had recently demanded reports from 157 payment gateways about any service related to crypto, their plans for the future, and disclosure of digital assets. But an FSS report stated that only 6 held any digital assets.

Related: How Terra’s collapse will impact future stablecoin regulations

Although the FSS is currently the primary financial regulator, on May 31st, 2022, 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 Luna-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 (LUNA).

Soon after the FSS began its investigation, it announced a remote meeting with other financial supervisory authorities from five countries in the Asia-Pacific region. This event was hosted by the Indonesian Financial Supervisory Service and included Australia, China, and Japan as well.

The meeting covered global market conditions as well as big tech and crypto. The Korean representative mentioned the need for cryptocurrency regulation, disciplinary action around virtual assets, and the expansion of financial regulatory frameworks.

On Tuesday, May 24th, 2022, South Korean officials opened an investigation against Do Kwon, the primary figure in the Luna incident. Yoon Chang-Hyeon, the chairman of the People’s Strength Virtual Assets Special Committee who had met with the top exchanges in response, will lead the Digital Assets Committee mentioned above.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Corrects Recent Gains: Is a Deeper Dip Coming?

Bitcoin price extended its increase above $66,000 BTC is now correcting gains below $65,500 and might continue to move down toward $64,000 Bitcoin is correcting gains from the $66,500 zone The price

Malicious Crypto-Stealing App Exposed on Google Play

An app on Google Play was discovered stealing cryptocurrency from users, employing advanced social engineering and trusted protocols Check Point Research exposed the app after it had siphoned

Dutch Regulator Warns of Crypto Pump-and-Dump, New Regulation to Ban These Schemes

The Dutch Authority for the Financial Markets (AFM) has issued a warning about the dangers of pump-and-dump schemes in the cryptocurrency space, as new regulations prepare to target this market

Coinbase Sees Strong Q4 for Bitcoin, Fueled by US Rate Cuts, China Stimulus

Coinbase Institutional’s report highlights optimism for the crypto market, driven by expectations of US rate cuts and China’s monetary stimulus, which could boost bitcoin’s

ETH Rally Pushes Profitability To Nearly 70%: More To Come This Week?

Ethereum’s movement last week was full of mixed signals as Spot Ethereum ETFs started to witness good inflows Notably, ETH has been on a rally since the middle of September, reflecting a 25%

Bedrock Bolsters Security Post-$2 Million Hack, Partners With Chainlink

On Sept 27, Bedrock, a liquidity staking platform, experienced a security breach affecting $2 million in liquidity Bedrock said it has taken steps to address the incident, including integrating with