South Korea’s Financial Supervisory Service (FSS) reportedly commenced investigative work into payment gateway services handling crypto assets, starting June 3rd. 

Specifically, the FSS reportedly operates like a local governmental agency in charge of regulations, functioning under the scope of the Financial Services Commission (FSC). 

The FSS had recently required 157 payment gateways to submit their reports regarding the services associated with crypto, their plans for the future, and the disclosure of digital assets. 

Nonetheless, an FSS report reportedly revealed that only six have any kind of crypto assets in their portfolio.

Although at the moment the FSS is the main financial regulator, on May 31st this year, South Korea reportedly disclosed details related to the anticipating release of the Digital Assets Committee. Per the announcement, this serves as a temporary solution for establishing the structure of the virtual asset sphere, when the fall of Terra just happened not too long ago.

The announcement further read that the guidelines came with screening criteria for freshly listed assets, market monitoring, trade monitoring, a level of disclosure, as well as additional investor protections. 

The five high-profile exchange entities in the nation seem to agree on the standards and have created their committee to assist in the process of stopping another crisis like Terra from happening.

Not long following the commencement of FSS regarding investigative work, an announcement revealing a remote meeting with other financial supervisory authorities from five nations across the Asia-Pacific region was issued. This event was organized by the Indonesian Financial Supervisory Service, with further participation from Australia, China, and Japan also.