2 years ago
The South Korean authorities is considering imposing tougher regulations, including a unified listing standard, connected each cryptocurrency exchanges successful the state pursuing the illness of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
Korean Government’s Meeting With Cryptocurrency Exchanges
The South Korean authorities is shifting work for the clang of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the authorities held an exigency gathering with the heads of large crypto exchanges successful the state Tuesday to sermon measures to forestall the recurrence of the LUNA and UST implosion. However, the lawmakers and fiscal authorities appeared to enactment the imposition of tougher regulations connected crypto exchanges, the work conveyed.
The Korean authorities has criticized crypto exchanges for their delayed effect to the illness of the 2 cryptocurrencies. Several apical Korean crypto exchanges did not delist LUNA until 2 weeks later. Some critics said they intentionally delayed delisting to reap much commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns implicit crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges bash not person immoderate unified listing standard, nor bash they clasp immoderate negotiations implicit the issue.
Responding to the lawmakers’ treatment astir imposing a unified listing modular crossed home cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s apical exchange, explained that it volition not lick the problem. “Crypto assets tin beryllium sent to overseas exchanges, and galore crypto investors are already utilizing non-Korean headquartered exchanges,” helium said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We request to marque exchanges play their due role, and toward that end, it is important for watchdogs to supervise them thoroughly.” He added:
When exchanges interruption rules, they should beryllium held legally liable to guarantee that the marketplace functions good without immoderate troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s apical fiscal regulator, said: “We are going to physique adjacent ties with the Ministry of Justice, the prosecution and police, successful a bid to show immoderate amerciable acts successful the manufacture and support investors’ rights.”
An authoritative from 1 of the home cryptocurrency exchanges opined: “Exchanges tin easy go a people of disapproval astatine this play of clip erstwhile nary circumstantial regulatory line has been introduced.” He added:
We recognize the intent of the meeting, but the astir urgent measurement is to summon Do Kwon, co-founder of the company, arsenic rapidly arsenic authorities can.
The National Assembly plans to clasp a proceeding league connected the LUNA incidental successful the adjacent future. However, the work noted that Do Kwon is improbable to be since his whereabouts are unknown.
Do you deliberation Korean crypto exchanges should person a unified listing standard? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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