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South Korea is ramping up crypto regulation efforts on all fronts



The South Korean Financial Services Authority (FSS) on Friday began investigating payment service providers that work with cryptocurrencies . The FSS in turn is subordinate to the higher financial services regulator FSC, both authorities belong to the government.


As the South Korean news portal Money Today reports, the FSS recently asked 157 payment service providers for their opinion on possible work with cryptocurrencies or plans to do so. According to the FSS, however, only six of the companies surveyed actually work with crypto.


While the FSS is currently still in charge of overseeing the crypto industry in South Korea, it was announced on May 31, 2022 that the so-called Digital Assets Committee will soon take over large parts of these tasks. However, the committee, which was formed after the high-profile crash of South Korea-based blockchain project Terra, is also just a stopgap measure for the country's crypto regulation.


Shortly after the FSS announced its investigation , the agency announced that it would hold an online meeting with the financial regulators of five other Asia-Pacific countries. The event is hosted by the Indonesian financial regulator, with other participants including Australia, China and Japan.


The meeting aims to discuss the global situation regarding financial technology and crypto. The South Koreans in particular want to push for common crypto regulation, which is accompanied by the design of a uniform legal framework.



On May 24, 2022, South Korean authorities launched an investigation into Terra CEO Do Kwon after the blockchain project collapsed spectacularly. As a result, the above-mentioned Digital Assets Committee, under the aegis of Yoon Chang-Hyeon, should now ensure that a similar case does not occur in the near future.

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