South Korea plans to set up a Virtual Asset Monitoring Service, all because of the Terra collapse in early May. The committee will be created on the basis of the existing body that oversees digital assets – it is planned to expand and reorganize.
The collapse of Terra’s stablecoin and its subsidiary token Luna has attracted the attention of the country’s leading politicians. To prevent a repeat of Kwon’s story, the South Korean government will make recommendations on listings, unfair trade, disclosure nuances and investor protection. The committee will work with the best local cryptocurrencies (Upbit, Bithumb, Coinone, Cobit and Gopax).
It will be recalled that the fall of Luna has dire consequences for some Ukrainians. One of the victims lost all his family’s savings.