South Korea Forms New Crypto Oversight Committee

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Terra’s recent collapse has apparently accelerated the creation of a surveillance and control entity for digital assets. The ups and downs of the Terra ecosystem have had major ramifications around the world.

However, there is no doubt that South Korea, the birthplace of its creator, is the most caring country of all.

Amid signs Terraform Labs co-founder Do Kwon is facing legal trouble in South Korea, the country’s ruling party announced it would launch a new Digital Assets Committee in early June.

Read Also: Jack Dorsey Officially Leaves Twitter’s Board of Directors

Launching Cointelegraph, Wednesday (1/6/2022), the committee will serve as a watchdog over the crypto industry and will be responsible for the preparation and oversight of policies until the upcoming draft Act for digital assets is enacted and a formal government entity devoted to cryptocurrencies. established.

The committee is an extension and reorganization of the existing body that oversees digital assets. The committee is expected to increase policy effectiveness by streamlining government oversight of cryptocurrencies.

“A ministry should be set up to protect digital asset investors at the same level of protection of stock investors,” said Hwang Seok-jin, a professor at Dongguk University and member of the Special Committee for Virtual Assets.

The professor also compared the country’s daily crypto trading volume with the Kosdaq stock exchange. He suggested once again that industry should be treated in the same way as stocks.

Analyst Skeptic About Terra .’s New Network Opportunity
Previously, the new version of the Luna crypto which collapsed a few weeks ago is now available and traded on various major exchanges, however, the Luna coin got off to a bad start.

After hitting a peak of USD 19.53 or around IDR 284,626 on Saturday, the new Luna token fell as low as USD 4.39 just hours later. According to CoinMarketCap data, it has since settled in at around USD 5.90.

The international head at crypto exchange Luno, Vijay Ayyar, said many investors burned by the disaster were unlikely to trust Terra a second time.

“There has been a massive loss of confidence in the project,” Ayyar said, quoted by CNBC, Tuesday, May 31, 2022.

On the other hand, analysts are also very skeptical about the chances of success of the Terra blockchain being revived. That blockchain has to compete with a number of other so-called “Layer 1” infrastructure networks that underpin cryptocurrencies such as ethereum, solana, and cardano.

Last week, proponents of the Terra blockchain project voted to revive luna but not the stablecoin terra USD (UST), which fell below the dollar peg. It caused panic in the crypto market. As a result of the incident, the previous Luna token (Luna Classic) also lost its value because UST and Luna were intertwined.

Now, Luna has a new iteration, which investors call Terra 2.0. It is already traded on exchanges including Bybit, Kucoin and Huobi. Binance, the world’s largest crypto exchange, said it would list Luna on Tuesday.

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Terra distributes the Luna tokens through what’s called an “airdrop”. Most of it will go to those who held luna classic and UST before the collapse, in a bid to compensate investors.

South Korean law firm to sue Terraform CEO Do Kwon
Previously, LKB & Partners, one of the leading law firms in South Korea, had decided to sue Terraform Labs founder and CEO Do Kwon after the tragedy of the sudden collapse of Terra USD (UST) last week.

According to a report in the Munhwa Ilbo newspaper, explaining LKB will file a case against Do Kwon on behalf of a Korean citizen and an ordinary investor with the Seoul Metropolitan Police Agency.

Several LKB employees may also join the case because they included Luna and UST investors and lost money in the UST collapse, the report said.

“There are related investors within the law firm, and we will file a complaint against Kwon at the Seoul Metropolitan Police Agency’s Financial Investigation Unit,” partner at LKB, Kim Hyeon-Kwon, told Munhwa Ilbo, quoted from The Block Crypto, Friday (20/20). /5/2022).

In addition to filing a police complaint, LKB has also decided to apply for a temporary attachment order of Kwon’s property to confiscate it at the Seoul South District Prosecutors’ Office, according to the report.

A separate report from local news agency Yonhap said LKB was also considering suing Daniel Shin, another Terra co-founder.

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