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
Image: Shutterstock
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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