👋 Want to work with us? CryptoSlate is hiring for a handful of positions!
The collapse of the Terra ecosystem has sent shockwaves across the crypto ecosystem, dragging down the entire market. The debacle has not only raised questions about the validity and sustainability of algorithmic stablecoins but has also increased the urgency for regulating the market.
In light of the disaster, South Korean regulators are looking to tighten scrutiny and supervision of crypto exchanges, according to a report by The Korea Times.
At an emergency two-day National Assembly seminar ending on May 24, crypto exchange leaders and high-ranking government officials discussed measures to counter future fiascos like the Terra-Luna collapse. Representatives from Upbit, Bithumb, Coinone, Korbit, and Gopax — the country’s largest exchanges — attended the seminar.
Sung Il-jong of the ruling People Power Party said at the seminar:
“We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly,”
“When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.”
The Financial Services Commission (FSC) is also looking to:
“build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights,”
Kim So-young, FSC Vice Chairman, said. By the FSC’s estimate, the Terra-Luna debacle has affected around 280,000 South Koreans.
So-young also said that the country needs to “strengthen international cooperation” to effectively regulate the digital assets market, given its decentralized nature, according to a report by Yonhap News Agency.
The report quoted So-young saying:
“In order to draw up effective regulatory systems on crypto assets, we will closely review overseas cases of regulations and strengthen cooperation with international organizations and major…
Click Here to Read the Full Original Article at Stablecoins – CryptoSlate…
