Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: South Korea Speeds up Creation of Virtual Asset Act After LUNA’s Fall
Share
  • bitcoinBitcoin(BTC)$28,340.00
  • ethereumEthereum(ETH)$1,809.54
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$317.22
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.57
  • cardanoCardano(ADA)$0.387289
  • staked-etherLido Staked Ether(STETH)$1,806.10
  • dogecoinDogecoin(DOGE)$0.075973
  • matic-networkPolygon(MATIC)$1.14
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > South Korea Speeds up Creation of Virtual Asset Act After LUNA’s Fall
News

South Korea Speeds up Creation of Virtual Asset Act After LUNA’s Fall

Rose Nnamdi
Last updated: 2023/03/14 at 12:09 PM
Rose Nnamdi Published May 16, 2022 March 14, 2023
Share
VOC, voice of crypto, LUNA

The Terra (LUNA) crisis has left the crypto space shocked to the spine. The debacle also received responses from different authorities, sectors, and nations across the globe.  Some of those that have reacted to the recent activities of LUNA are government authorities.

Contents
South Korea Speeds up RegulationLUNA Leaves a Scar on the Crypto Space

South Korea Speeds up Regulation

The South Korean authorities have become more interested in improving the regulation of cryptocurrencies in the country, as a result of the issues linked to LUNA. They have launched an emergency study into the activities of cryptocurrencies following the activities of Terra. 

Reports have it that the financial regulators in the country have started assessing the effects of digital assets, especially on the economy. The aim of this is to create a proposed “Digital Asset Basic Act” that will regulate cryptocurrencies and other digital assets available in the country.  

The proposed Act is expected to be made public in 2024 but passed into law by 2023, though concrete details concerning what the law will contain have not been made officially available to the public. It is believed that the Act will include regulations to protect the interests of investors and other aspects of the country. 

LUNA Leaves a Scar on the Crypto Space

As a result of the LUNA incident, the two government organizations that are in charge of cryptocurrencies and other digital assets, the Financial Services Commission (FSC) and Financial Supervisory Service (FSS) are expected to implement strategies to educate residents of the country about the risks attached to digital assets.   

The existing legislation in South Korea does not empower the authorities to analyze the activities of Terra because the current regulations are only meant to prevent money laundering through digital assets. 

In recent times, the coins linked to Terra and managed by them including LUNA and stablecoin, UST have suffered a massive loss.  Know more about UST and its founder Do Kwon’s last failed project here.

At the moment, details of the proposed regulations have not been made public, and it is unable to tell if it will also focus on crypto exchanges.

You Might Also Like

5 Crucial Things About CFTC Suing CZ Binance

How First Citizens Bank Acquiring SVB Deposits & Loans Can Benefit Crypto

G7 Nations to Push for Stricter Crypto Regulations

XRP Dominates Cryptocurrency Market with Highest Weekly Gains

How’s Coinbase Doing After SEC’s Wells Notice

TAGGED: Crypto Exchange
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article What is DeFi in crypto? What is DeFi in crypto?
Next Article VOC, VoiceofCrypto, NFTs Can NFT be a Video?
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Women in Web3
VOC x HQNFTs International Women’s Day Celebration Ends with Free Gasless NFT Giveaway
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?