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...
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