1.6 C
New York
Wednesday, January 31, 2024

Korean Authorities Considers Imposing Unified Itemizing Commonplace on Crypto Exchanges After LUNA, UST Collapse – Regulation Bitcoin Information

Share To Your Friends


The South Korean authorities is contemplating imposing more durable laws, together with a unified itemizing normal, on all cryptocurrency exchanges within the nation following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).

Korean Authorities’s Assembly With Cryptocurrency Exchanges

The South Korean authorities is shifting accountability for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Instances reported Thursday.

The Korean Nationwide Meeting and the federal government held an emergency assembly with the heads of main crypto exchanges within the nation Tuesday to debate measures to stop the recurrence of the LUNA and UST implosion. Nonetheless, the lawmakers and monetary authorities appeared to assist the imposition of more durable laws on crypto exchanges, the publication conveyed.

The Korean authorities has criticized crypto exchanges for his or her delayed response to the collapse of the 2 cryptocurrencies. A number of high Korean crypto exchanges didn’t delist LUNA till two weeks later. Some critics stated they deliberately delayed delisting to reap extra commissions from the incident.

Rep. Yoon Chang-hyun of the ruling Folks Energy Social gathering raised issues over crypto exchanges’ ambiguous itemizing and delisting requirements. He harassed:

The exchanges wouldn’t have any unified itemizing normal, nor do they maintain any negotiations over the difficulty.

Responding to the lawmakers’ dialogue about imposing a unified itemizing normal throughout home cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the nation’s high change, defined that it’ll not clear up the issue. “Crypto property might be despatched to abroad exchanges, and lots of crypto traders are already utilizing non-Korean headquartered exchanges,” he stated.

Rep. Sung Il-jong of the Folks Energy Social gathering reportedly stated in the course of the assembly: “We have to make exchanges play their correct function, and towards that finish, it’s essential for watchdogs to oversee them completely.” He added:

When exchanges violate guidelines, they need to be held legally accountable to make sure that the market capabilities properly with none troubles.

Vice-Chairman Kim So-young of the Monetary Providers Fee (FSC), the nation’s high monetary regulator, stated: “We’re going to construct shut ties with the Ministry of Justice, the prosecution and police, in a bid to observe any unlawful acts within the business and shield traders’ rights.”

An official from one of many home cryptocurrency exchanges opined: “Exchanges can simply turn into a goal of criticism at this time period when no particular regulatory guideline has been launched.” He added:

We perceive the aim of the assembly, however essentially the most pressing step is to summon Do Kwon, co-founder of the corporate, as shortly as authorities can.

The Nationwide Meeting plans to carry a listening to session on the LUNA incident within the close to future. Nonetheless, the publication famous that Do Kwon is unlikely to attend since his whereabouts are unknown.

Do you assume Korean crypto exchanges ought to have a unified itemizing normal? Tell us within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss triggered or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.


Share To Your Friends

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles