Korean Federal Government Thinks About Enforcing Unified Listing Requirement on Crypto Exchanges After LUNA, UST Collapse– Guideline Bitcoin News

The South Korean federal government is thinking about enforcing harder guidelines, consisting of a combined listing requirement, on all cryptocurrency exchanges in the nation following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).

Korean Federal government’s Consulting with Cryptocurrency Exchanges

The South Korean federal government is moving obligation for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.

The Korean National Assembly and the federal government held an emergency situation conference with the heads of significant crypto exchanges in the nation Tuesday to talk about steps to avoid the reoccurrence of the LUNA and UST implosion. Nevertheless, the legislators and monetary authorities appeared to support the imposition of harder guidelines on crypto exchanges, the publication communicated.

The Korean federal government has actually slammed crypto exchanges for their postponed reaction to the collapse of the 2 cryptocurrencies. A number of leading Korean crypto exchanges did not delist LUNA up until 2 weeks later on. Some critics stated they purposefully postponed delisting to gain more commissions from the occurrence.

Rep. Yoon Chang-hyun of the judgment Individuals Power Celebration raised issues over crypto exchanges’ unclear listing and delisting requirements. He worried:

The exchanges do not have any unified listing requirement, nor do they hold any settlements over the concern.

Reacting to the legislators’ conversation about enforcing a combined listing requirement throughout domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which runs Upbit, the nation’s leading exchange, discussed that it will not resolve the issue. “Crypto properties can be sent out to abroad exchanges, and numerous crypto financiers are currently utilizing non-Korean headquartered exchanges,” he stated.

Rep. Sung Il-jong of individuals Power Celebration supposedly stated throughout the conference: “We require to make exchanges play their correct function, and towards that end, it is important for guard dogs to monitor them completely.” He included:

When exchanges break guidelines, they need to be held lawfully accountable to make sure that the marketplace operates well with no problems.

Vice-Chairman Kim So-young of the Financial Solutions Commission (FSC), the nation’s leading monetary regulator, stated: “We are going to develop close ties with the Ministry of Justice, the prosecution and cops, in a quote to keep track of any unlawful acts in the market and safeguard financiers’ rights.”

An authorities from among the domestic cryptocurrency exchanges suggested: “Exchanges can quickly end up being a target of criticism at this time period when no particular regulative standard has actually been presented.” He included:

We comprehend the function of the conference, however the most immediate action is to summon Do Kwon, co-founder of the business, as rapidly as authorities can.

The National Assembly prepares to hold a hearing session on the LUNA occurrence in the future. Nevertheless, the publication kept in mind that Do Kwon is not likely to participate in because his location are unidentified.

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