South Korea Forms Crypto Monitoring Council After Terra Crash

According to a local news report, South Korea will establish a “Digital Asset Committee” by June to rein in the cryptocurrency business following the Terra crash. Until the planned Digital Asset Basic Act is approved and the government develops an independent body to oversee the crypto business, the committee will act as a watchdog. The government is forming the new Digital Asset Committee by expanding and reforming the existing Special Committee on Virtual Assets. South Korea to launch crypto oversight committee after Terra crash#bitcoin #nfts #lunahttps://t.co/JGpHTge11k — thinkmoon.io 🇺🇦🇺🇦| Latest crypto trends & news (@thinkmoonio) June 1, 2022 The Upcoming Crypto Monitoring Council The committee will be formed after the new chairman of the Financial Services Commission enters the office. The new committee would establish currency 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, South Korea’s daily crypto transaction volume averages around US$9 billion (11.3 trillion won). Like 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 regulators have been pushing to speed up crypto legislation. By 2024, South Korea ...