South Korea has been one of the most prominent countries that have served as a huge market to the crypto universe. The biggest companies have had significant success in the country. However, the country has recently decided to tighten up the levels of security in the digital assets field. The Financial Supervisory Service has initiated a recent investigation about the payment details and the organizations that are associated with the dealings of digital assets.
According to recent reports, as many as one hundred and fifty-seven payment companies have been summoned by the FSS for investigation. They will have to provide a detail of their mode of operation, and the services they provide that involve cryptocurrency. The companies will also have to give information about their total digital assets.
However, the reports till now stated that only six of the companies had digital assets in their possession. South Korea has also stated that the country will be launching a brand new regulatory body of finance. The Digital Assets Committee is said to take over FSS as the lead body. Let us learn more about the story in detail below.
South Korea Investigates Crypto
South Korea has announced an investigation for crypto-related information recently. The country also mentioned an online seminar that involves authorities of supervision from other Asia Pacific countries. These countries include Japan, Australia, China, etc.
The meeting with South Korea emphasized the fact that countries need to be careful with cryptocurrency. They stated that the regulatory framework must be controlled strictly.