Do Kwon Terraform Labs Terra South Korea North Korea county Luna regulation Bitcoin Regulation Do Kwon Terraform Labs Terra South Korea North Korea county Luna

In wake of Terra collapse, South Korea plans new crypto oversight committee: Report

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The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its’ creator, was the most concerned country of them all.Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday that it will launch a new Digital Asset Committee in early June, according to local news outlet NewsPim.According to the report, the committee will serve as a watchdog over the crypto industry and will be responsible for policy preparation and supervision — that is, until the forthcoming Framework Act for Digital Assets is enacted and a formal government entity devoted to crypto is established.

The committee is an expansion and reorganization of an existing body overseeing virtual assets and is expected to enhance policy effectiveness by streamlining the government’s oversight efforts on crypto.The Terra (LUNA) crash takes another remarkable turn.

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