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South Korea announced the creation of the Digital Assets Commission and met with Asia-Pacific financial authorities to conduct an investigation into crypto.
South Korea launches investigation into electronic payment gateway services
On Friday, June 3, South Korea's Financial Supervisory Services Agency (FSS) began an investigation into electronic payment gateway services. The FSS is South Korea's financial regulator operating under the management of the Financial Services Commission (FSC).
According to South Korea's Money Today, FSS recently requested reports from 157 payment gateways on any crypto-related services, future projects, and digital assets. However, the FSS report found that only six payment gateways hold digital assets.
With the aim of protecting investors and monitoring the market more closely, on May 31, 2022, South Korea announced the establishment of the Digital Assets Commission. This is a temporary solution to restructure the virtual asset industry after the Luna-Terra incident.
notice, the guidelines include screening criteria for newly listed assets, market monitoring, trade monitoring, level of disclosure and other investor protection measures. Five major exchanges in the country agreed on the standards and set up their own committees to help prevent another incident similar to Terra (LUNA).
South Korea meets with Asia-Pacific financial authorities
Shortly after the FSS began its investigation, the organization announced a teleconference with other financial watchdogs from five countries in the Asia-Pacific region. The meeting was run by Indonesia's Financial Supervisory Services Agency with the participation of Australia, China and Japan.
The meeting addressed global market conditions in the context of technological developments and the strong explosion of crypto. The South Korean representative emphasized the need for cryptocurrency regulations, discipline for virtual assets and the expansion of financial management frameworks.
financial authorities On Tuesday, May 24, 2022, South Korean authorities conducted an investigation into Luna CEO Do Kwon shortly after the project's UST algorithm stablecoin crisis. Yoon Chang-Hyeon, chairman of the Committee on Virtual Assets, will lead the Digital Assets Commission.
