On Friday, June 3, South Korea’s Financial Supervisory Service (FSS) started an analysis into payment gateway services that actually work with digital assets. The FSS is South Korea’s financial regulator that operates underneath the Financial Services Commission (FSC), each of which are government institutions.
Reported by local news outlet Money Today Co., the FSS had lately required reports from 157 payment gateways about any service associated with crypto, their plans for future years, and disclosure of digital assets. But an FSS report mentioned that just 6 held any digital assets.
Related: How Terra’s collapse will impact future stablecoin rules
Even though the FSS is presently the main financial regulator, on May 31st, 2022, Columbia announced the approaching launch from the Digital Assets Committee. Based on the announcement, this can be a temporary means to fix bring structure towards the virtual asset industry following a Luna-Terra crash.
Per the announcement, the rules include screening criteria for recently-listed assets, market monitoring, trade monitoring, an amount of disclosure, along with other investor protections. The 5 major exchanges in the united states seem to agree with the factors and also have created their very own committee to assist prevent another incident much like Terra (LUNA).
Right after the FSS started its analysis, it announced an online ending up in other financial supervisory government bodies from five countries within the Asia-Off-shore region. The wedding was located through the Indonesian Financial Supervisory Service and incorporated Australia, China, and Japan too.
The meeting covered global market conditions in addition to big tech and crypto. The Korean representative pointed out the requirement for cryptocurrency regulation, disciplinary action around virtual assets, and also the growth of financial regulatory frameworks.
The incoming crypto committee in Columbia will steer policy recommendations and enforce investor protections in front of the enactment of the Digital Asset Fundamental Act (DABA) https://t.co/zhAmTH5JU2 pic.twitter.com/pBE9qSbLbP
— Decrypt (@decryptmedia) June 1, 2022
On Tuesday, May 24th, 2022, South Korean officials opened up an analysis against Do Kwon, the main estimate the Luna incident. Yoon Chang-Hyeon, the chairman from the People’s Strength Virtual Assets Special Committee who’d met using the top exchanges in reaction, may lead digital Assets Committee pointed out above.