On Friday, June 3, the South Korean Financial Surveillance Service (FSS) initiated an investigation into payment gateway firms that use digital assets. The Financial Surveillance Service (FSS) is South Korea’s financial regulatory body that works under the Financial Services Commission (FSC), both of which are government bodies.
According to the local news source, Money Today Co., the FSS has requested reports on any crypto-related companies, future ambitions, and disclosure of digital assets from 157crypto investigation
payment gateways. According to FSS research, however, only six people owned digital assets.
Despite the fact that the FSS is currently the principal financial regulator in South Korea, the Digital Assets Committee was launched on May 31, 2022. It is a temporary solution to structure the virtual asset business following the collapse of Luna-Terra, as per the announcement.
The standards include screening requirements for newly listed assets, market surveillance, transaction monitoring, a degree of transparency, and other investor safeguards, according to the release. All five of the country’s major stock exchanges appear to agree on the criteria and have created their own committee to assist in preventing another Terra-like occurrence (LUNA).
Shortly after the start of its investigation, the FSS announced a virtual meeting with other financial authorities from five Asia-Pacific countries. This event, which also included Australia, China, and Japan, was organised by the Indonesian Financial Supervisory Service.
The discussion focused on global market circumstances, as well as big tech and cryptocurrency. The necessity of cryptocurrency regulation, disciplinary action against virtual assets, and the extension of financial regulatory frameworks was emphasised by the Korean ambassador.
South Korean investigators initiated an investigation into Do Kwon, the key suspect in the Luna incident, on Tuesday, May 24, 2022. The previously announced Digital Assets Committee will be chaired by Yoon Chang-Hyeon, Chairman of People’s Strength’s Special Virtual Assets Committee, who met with extensive exchanges in response.
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