Financial companies related to Terra will be checked to prevent transfer risks

According to Naver, the Korea Financial Supervisory Authority believes that in order to prevent transfer risks, on-site investigations will be conducted against the companies involved. 

Financial services firms affiliated with Terra will conduct “spot checks.”

On the afternoon of the 24th, the Financial Supervisory Service announced the analysis and risk management plan of the Terra-Luna crisis at the party meeting on the “Enactment of the Digital Asset Framework Act and “Emergency Measures to Protect Investors in Coin Market” was held at the National Assembly Hall on the afternoon of May 24, 2022.

“The likelihood of the Terra crisis affecting financial markets remains low, but to prevent the transfer of risk to financial markets, on-site investigations have been conducted. Several service providers have been launched. Financial services related to the issuer or related virtual assets. We will conduct an inspection.”

Chan-woo Lee, Senior Vice President of Financial Supervisory Service, said.

During this spot check, when providing payment services related to Terra, etc., service maintenance, withdrawal status, and effectiveness of user protections will be checked. The Financial Supervisory Service said it would also conduct a research service that analyzes the risks of virtual assets circulating in domestic exchanges and classifies them according to risk characteristics. They also proposed plans to expand and reorganize the existing “FSS blockchain forum” into a virtual asset risk forum with the participation of industry officials.

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