South Korea to establish virtual assets watchdog in light of Terra collapse
South Korea has set out to form a Digital Asset Committee to oversee the virtual assets industry after the Terra collapse
By Shashank Bhardwaj
The collapse of the stablecoin–TerraUSD (UST) and its sister token–LUNA earlier in May caught the attention of the South Korean government on the urgency to set up a committee to decide on crypto regulation.
Until the country’s top policymakers draft a clear framework for digital assets, a Digital Asset Committee will act as a ‘control tower’ for the sector. This committee is set to launch in the last week of June.
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