Kim Joo-hyun, head of the South Korean Financial Services Commission (FSC), said that new cryptocurrency regulations will be reviewed as soon as possible.
According to the news of South Korean media, FSC Chairman Joo-hyun on August 11, at the meeting of the National Assembly, the new crypto money legislation. that the review process will be accelerated by the committee. told. The President also welcomes pending new crypto legislation. There are 13 suggestions stated.
The crisis in the Terra (LUNA) ecosystem about 3 months ago, South Korea move your government had passed. Thereupon, the authorities made a decision on this issue in order to control the digital asset sector. plans to set up a special committee he had said.
With this development, South Korean authorities put the cryptocurrency exchanges under intense pressure. Top 5 leading cryptocurrency exchanges in South Korea Upbit, Bithumb, Coinone, Korbit and Gopax to prevent a repeat of the collapse of Terra (LUNA) and TerraUSD (UST) as a result of this pressure will initiate an advisory body to implement common standards had announced.
However, the deepening of the developments and the bankruptcy of many cryptocurrency exchanges and crypto companies seem to have prompted the South Korean authorities to act again.