2 years ago
Five South Korean cryptocurrency exchanges said they mean to make a consultative enactment which volition assistance forestall a repetition of a Terra LUNA-style token collapse. The enactment is expected to execute its objectives by applying standards that are endorsed by the crypto exchanges.
Screening Guidelines
Five of South Korea’s starring home cryptocurrency exchanges person said they program to make a consultative assemblage whose mandate is to forestall the recurrence of a token illness akin to that of the archetypal iteration of Terra’s LUNA. The consultative assemblage volition execute this by applying agreed upon standards, the exchanges said.
According to a Yonhap News report, this program by the exchanges was revealed astatine the party-government gathering held astatine the National Assembly recently.
The determination by the 5 exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, comes conscionable a fewer weeks aft they were criticized for their seeming indifference to the illness of the erstwhile terra (LUNA) cryptocurrency and the terrausd (UST) stablecoin.
As per the report, the 5 exchanges volition initially instrumentality antithetic preparatory steps anterior to the motorboat of the screening guidelines, and immoderate of these steps see the signing of a concern statement arsenic good arsenic improving listing-related standards.
Reviewing Tokens for Signs of a Ponzi Scheme
Meanwhile, the Korean connection study besides revealed that the consultative assemblage volition comprise the CEOs of 5 exchanges and related moving groups. In summation to compliance and marketplace monitoring, the assemblage volition besides hole a informing system, acceptable delisting standards, and supply accusation connected cryptocurrency achromatic papers.
The assemblage is expected to contented guidelines that volition beryllium utilized erstwhile listing cryptocurrencies arsenic good arsenic erstwhile reviewing tokens for immoderate signs of a Ponzi scheme, the study said. The exchanges, which each precocious announced the delisting of litecoin (LTC), person pledged to enactment unneurotic should different situation that is akin to the Terra fallout occur.
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