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Korean Authorities Plans To Impose Unified Itemizing Commonplace On Crypto Exchanges After Collapse Of LUNA And UST CryptoBlog

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

Korean Authorities Assembly With Cryptocurrency Exchanges

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

Korea’s Nationwide Meeting and authorities held an emergency assembly on Tuesday with the heads of the nation’s main crypto exchanges to debate measures to forestall a recurrence of the LUNA and UST implosion. Nevertheless, lawmakers and monetary authorities appeared to help the imposition of stricter laws on crypto exchanges, the publication states.

The Korean authorities has criticized crypto exchanges for his or her late response to the collapse of the 2 cryptocurrencies. A number of of the main Korean crypto exchanges solely eliminated LUNA two weeks later. Some reviewers mentioned they deliberately delayed the write-off to reap extra commissions from the incident.

Consultant Yoon Chang-hyun of the ruling Folks’s Energy Get together has raised issues about ambiguous itemizing and delisting requirements for crypto exchanges. He identified:

Exchanges shouldn’t have a unified itemizing commonplace and don’t conduct any buying and selling on the matter.

Responding to lawmakers’ dialogue of imposing a unified itemizing commonplace on nationwide cryptocurrency exchanges, Lee Sirgoo, CEO of Dunamu, which operates Upbit, the nation’s first trade, defined that this could not resolve not the issue. “Cryptoassets might be despatched to exchanges abroad, and lots of crypto traders are already utilizing exchanges headquartered outdoors of Korea,” he mentioned.

Consultant Sung Il-jong of the Folks Energy Get together is quoted as saying on the assembly, “We have to make sure that the exchanges play their half, and to that finish, it’s essential that the watchdogs monitor them totally.” He added:

When exchanges break the foundations, they have to be held legally answerable for guaranteeing that the market runs easily with none issues.

Vice Chairman Kim So-young of the Monetary Companies Fee (FSC), the nation’s important monetary regulator, mentioned: “We’ll set up shut ties with the Ministry of Justice, the Procuratorate and the police, within the objective of monitoring any criminality. acts within the business and protects the rights of traders.

An official from one of many nationwide cryptocurrency exchanges mentioned, “Exchanges can simply develop into the goal of criticism presently when no particular regulatory tips have been launched.” He added:

We perceive the aim of the assembly, however essentially the most pressing factor is to summon Do Kwon, co-founder of the corporate, as quickly as doable.

The Nationwide Meeting plans to carry a listening to on the LUNA incident quickly. Nevertheless, the publication famous that Do Kwon is unlikely to attend as his whereabouts are unknown.

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

Kevin Helms

An economics scholar from Austria, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His pursuits embody Bitcoin safety, open supply methods, community results, and the intersection between economics and cryptography.

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