Aftermath of Terra LUNA, South Korea will Increase its Supervision of Exchanges

The collapse of the Terra environment sent shockwaves through the cryptocurrency ecosystem, pulling the entire market down with it. The fiasco has highlighted concerns about the validity and long-term viability of algorithmic stablecoins and the need for market regulation. South Korea to tighten scrutiny of exchanges after Terra LUNA collapse https://t.co/9g5AO7JI8u #Legal #People #Regulation #Stablecoins — VTB (@V_TBot) May 25, 2022 According to The Korea Times, South Korean regulators are trying to strengthen surveillance and regulation of cryptocurrency exchanges in the wake of the disaster. Crypto exchange CEOs and high-ranking government officials addressed strategies to prevent future disasters like the Terra-Luna collapse at an emergency two-day National Assembly conference on May 24. The seminar was attended by representatives from the country’s leading exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. At the seminar, People Power Party leader Sung Il-jong said: “We need to make exchanges play their proper role, and toward that end, watchdogs must supervise them thoroughly. When exchanges violate rules, they should be held legally responsible for ensuring that the market functions well without any troubles.” Terra Ecosystem Terraform Labs, the business behind the Terra ecosystem, and its CEO, Do Kwon, are already being investigated by South Korean authorities. The Seoul cybercrime police department has r...