South Korea enhances crypto regulations and investigations and announced a new Digital Asset Committee which met with the Asia-Pacific financial authorities as we can see more today in our latest cryptocurrency news.
The South Korean financial supervisory service started an investigation into the payment gateway services which work with digital assets and the FSS is the financial regulator in the country that operates under the Financial Services Commission which is also a governemnt institution. The FSS demanded reports from 157 payment gateways about service-related to crypto with plans for the future and disclosure of the digital assets. However, the FSS report stated that only 6 held any digital assets. Although the FSS is now the main financial regulator, South Korea announced the upcomign launch of the Digital Assets committee, and according to the announcement, this is only a temporary solution that can brign structure to the virtual asset industry after Terra’s collapse.
The guidelines included screening criteria for the newly listed assets, trade monitoring, disclosure, and market analysis, and other investor protections. The five exchanges in the country seem to agree on the standards that formed their own committee to help prevent other incidents similar to the oen of Terra. After the FSS started the investigation, it announced a remote meeting with other financial authorities from other countries in the Asia-Pacific region. The event was hosted by the Indonesian Financial Supervisory Service including China, Japan, and Australia.
As South Korea enhances crypto regulations, the meeting with the FSS covered other global market conditions and the representatives mentioned the need for crypto regulation, disciplinary action, and expansion of the financial regulatory frameworks. The South Korean officials opened up an investigation against Do Kwon who is the founder of Terra while the chairman of the People’s Strenght Virtual Assets Special Committee Yoon chang-Hyeon, will lead the Digital Assets committee mentioned previously.
South Korea will invest $177 million in Metaverse projects and although not a new concept, it is only now getting the attention and capital from many industries. With AI and AR at work, investing in the metaverse seems quite beneficial for most companies and even the government of South Korea agrees on the future of the Metaverse. South Korea announced its intent to invest the money in metaverse-based companies and projects. The Minister of Science and Information and Communication Technologies Lim Hyesook announced the investment plan and pointed out that the metaverse along with the advanced technologies has huge potential for the future.