After Terra Disaster, South Korea Is Now Forming A Crypto Oversight Committee

After Terra Disaster, South Korea Is Now Forming A Crypto Oversight Committee

Following to the Terra crash, South Korea will establish a “Digital Asset Committee” by the end of June in order to reign in the cryptocurrency industry following the Terra crash, according to a local news article.

Until the planned Digital Asset Basic Act is approved and the government develops a separate agency to oversee the crypto market, the committee will act as a watchdog.

The government is forming the new Digital Asset Committee by expanding and reforming the current Special Committee on Virtual Assets. The committee will be formed when the new head of the Financial Services Commission enters office.

Among other things, the new committee would establish cryptocurrency listing standards, regulate unfair trading practices, and oversee investor protection measures.

According to Hwang Seok-jin, a professor at Dongguk University and a member of the Special Committee on Virtual Assets, with South Korea’s daily crypto transaction volume averaging around US$9 billion (11.3 trillion won), similar to stock market trading volume, cryptocurrency investors should be protected in the same way that stock traders are.

Since the Terra incident, which affected roughly 280,000 South Koreans, the country’s officials have apparently been pushing to speed up crypto legislation.

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