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Usha Yadav
Jun 1, 2022
by Usha Yadav

South Korea Forms Crypto Monitoring Council After Terra Crash

Crypto Monitoring Council

Table of contents

  1. The Upcoming Crypto Monitoring Council
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.

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 intends to have institutionalized cryptocurrency. After proposing legislation in 2023, South Korea's new administration, led by President Yoon Suk-yeol, announced plans to build a new legal framework for crypto institutionalization by 2024.

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South Korea Forms Crypto Monitoring Council After Terra Crash
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.