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Wednesday, February 15, 2023
HomeCryptoS.Korea authorities cite LUNA debacle to name for speedier crypto oversight

S.Korea authorities cite LUNA debacle to name for speedier crypto oversight


South Korean monetary regulators have reportedly begun an emergency evaluation of digital belongings, geared towards accelerating the institution of the “Digital Asset Basic Act” — the nation’s upcoming regulation on cryptocurrencies.

See associated article: LUNA pumps and dumps repeatedly in weekend’s curler coaster run

Fast info

  • South Korea’s upcoming “Digital Asset Basic Act” is slated to be legislated in 2023, and to enter impact by 2024. 
  • While particulars of the laws haven’t but been formally revealed, it possible will likely be geared towards defending traders, native media reported, citing officers.
  • The Financial Services Commission (FSC) and Financial Supervisory Service (FSS), the 2 regulatory our bodies answerable for digital belongings, will possible elevate consciousness amongst digital asset traders following the LUNA meltdown, officers mentioned.
  • Currently, the South Korean authorities has no authorized foundation to take direct measures to look at or supervise the Terra platform, as current legal guidelines are solely geared in the direction of anti-money laundering points.
  • On Monday, South Korea’s National Police Agency revealed it’s carefully monitoring the LUNA scenario, however presently has no plan to research Terraform Labs. Police representatives added that no civil complaints have been filed in opposition to Do Kwon when requested about information of the CEO being sued abroad.

See associated article: South Korea hopes to institutionalize crypto by 2024


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