New South Korean Regulatory Chief Promises More ‘Fairness’ for Crypto Investors
The South Korean government and financial regulators appear keen to ensure that May’s Terra ecosystem crash – an event they have dubbed the “terra/LUNA incident” – will become a watershed moment for the crypto sector, with a slew of new regulations incoming. The new head of a leading regulatory body led those vowing to implement changes, calling for the creation of a system that provides investors with more “fairness.”
Chief among the new regulations will be the imminent launch of a new government-appointed regulatory body that will be charged with policing the crypto sector. As reported, this body has been tentatively named Digital Assets Committee (literal English translation), and could launch in the next two weeks.
The body will – unlike most other financial regulators that also deal with traditional finance-related issues – be devoted entirely to the policing of the crypto market. It will also be charged with forming policy for the industry.
Also debuting in the coming weeks or months will be a joint council comprising the five largest crypto exchanges in the country: Upbit, Bithumb, Coinone, Korbit, and Gopax. This council will be charged with making coordinated token listing and delisting decisions, and, the Donga A Ilbo reported, is now working on a set of industry-wide standards.On Monday, the government and the ruling People’s Power Party held a meeting at the National Assembly on the topic of post-“terra/LUNA incident” crypto policy, per the Segye Ilbo. The parties said their aim was to “restore fairness in the virtual asset market” and “protect investors.”
Also in attendance was the newly appointed head of the Financial Supervisory Service (FSS) Lee Bok-hyeon, who has already vowed to make crypto regulation one
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