Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse – Regulation Bitcoin News

The South Korean government is thinking about monumental harder guidelines, including a brought together posting standard, on all digital currency trades in the nation following the breakdown of cryptographic money land (LUNA) and stablecoin terrausd (UST).

Korean Government’s Meeting With Cryptocurrency Exchanges

The South Korean government is moving liability regarding the accident of digital currency land (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto trades, the Korea Times detailed Thursday.

The Korean National Assembly and the public authority held a crisis meeting with the heads of major crypto trades in the country Tuesday to talk about measures to forestall the repeat of the LUNA and UST collapse. Notwithstanding, the administrators and monetary specialists seemed to help the inconvenience of harder guidelines on crypto trades, the distribution conveyed.

The Korean government has scrutinized crypto trades for their postponed reaction to the breakdown of the two cryptographic forms of money. A few top Korean crypto trades didn’t delist LUNA until about fourteen days after the fact. A few pundits said they purposefully deferred delisting to procure additional commissions from the incident.

Rep. Yoon Chang-hyun of the decision People Power Party raised worries over crypto trades’ uncertain posting and delisting norms. He stressed:

The trades have no brought together posting standard, nor do they hold any dealings over the issue.

Responding to the legislators’ conversation about monumental a bound together posting standard across homegrown digital money trades, Lee Sirgoo, the CEO of Dunamu, which works Upbit, the nation’s top trade, made sense of that it won’t take care of the issue. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.

Rep. Sung Il-jong of the People Power Party allegedly said during the gathering: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:

When trades disregard rules, they ought to be considered legitimately dependable to guarantee that the market capacities well with next to no troubles.

Vice-Chairman Kim So-youthful of the Financial Services Commission (FSC), the nation’s top monetary controller, said: “We are going 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.”

An official from one of the homegrown digital money trades believed: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:

We figure out the motivation behind the gathering, however the most dire advance is to bring Do Kwon, prime supporter of the organization, as fast as specialists can.

The National Assembly intends to hold a meeting on the LUNA occurrence soon. Nonetheless, the distribution noticed that Do Kwon is probably not going to go to since his whereabouts are unknown.

Do you think Korean crypto trades ought to have a brought together posting standard? Tell us in the remarks area below.

Kevin Helms

An understudy of Austrian Economics, Kevin tracked down Bitcoin in 2011 and has been an evangelist from that point onward. His inclinations lie in Bitcoin security, open-source frameworks, network impacts and the crossing point among financial aspects and cryptography.

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