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

South Korea Considers Imposing Unified Listing Standard on Crypto Exchanges After the Collapse of LUNA, UST

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

Korean Government’s Meeting With Cryptocurrency Exchanges

The South Korean authorities is shifting duty 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 assembly with the heads of main crypto exchanges within the nation Tuesday to debate measures to forestall the recurrence of the LUNA and UST implosion. However, the lawmakers and monetary authorities appeared to help the imposition of more durable rules on crypto exchanges, the publication conveyed.

The Korean authorities has criticized crypto exchanges for his or her delayed response to the collapse of the 2 cryptocurrencies. Several prime Korean crypto exchanges didn’t delist LUNA till two weeks later. Some critics mentioned they deliberately delayed delisting to reap extra commissions from the incident.

Rep. Yoon Chang-hyun of the ruling People Power Party raised considerations over crypto exchanges’ ambiguous itemizing and delisting requirements. He careworn:

The exchanges wouldn’t have any unified itemizing normal, nor do they maintain any negotiations over the difficulty.

Responding to the lawmakers’ dialogue about imposing a unified itemizing normal throughout home cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the nation’s prime trade, defined that it’s going to not resolve the issue. “Crypto property may be despatched to abroad exchanges, and plenty of crypto buyers are already utilizing non-Korean headquartered exchanges,” he mentioned.

Rep. Sung Il-jong of the People Power Party reportedly mentioned in the course of the assembly: “We must make exchanges play their correct function, and towards that finish, it’s essential for watchdogs to oversee them completely.” He added:

When exchanges violate guidelines, they need to be held legally accountable to make sure that the market features properly with none troubles.

Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the nation’s prime monetary regulator, mentioned: “We are going to construct shut ties with the Ministry of Justice, the prosecution and police, in a bid to observe any unlawful acts within the business and shield buyers’ rights.”

An official from one of many home cryptocurrency exchanges opined: “Exchanges can simply grow to be a goal of criticism at this time period when no particular regulatory guideline has been launched.” He added:

We perceive the aim of the assembly, however essentially the most pressing step is to summon Do Kwon, co-founder of the corporate, as shortly as authorities can.

The National Assembly plans to carry a listening to session on the LUNA incident within the close to future. However, the publication famous that Do Kwon is unlikely to attend since his whereabouts are unknown.

Do you suppose Korean crypto exchanges ought to have a unified itemizing normal? Let us know within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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