{"id":28690,"date":"2022-05-31T08:43:15","date_gmt":"2022-05-31T12:43:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28690"},"modified":"2022-05-31T08:43:43","modified_gmt":"2022-05-31T12:43:43","slug":"south-korea-poised-to-launch-digital-asset-taskforce-following-terra-crash","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korea-poised-to-launch-digital-asset-taskforce-following-terra-crash\/","title":{"rendered":"South Korea Poised To Launch Digital Asset Taskforce Following Terra Crash"},"content":{"rendered":"\n

According to local media reports, South Korea plans to launch a digital asset<\/a> watchdog by June.<\/p>\n\n\n\n

\"South<\/figure>\n\n\n\n

The country will set up a Digital Assets Committee to serve as a “control tower” for space. The committee will oversee the regulation of space until the government is able to draft fundamental legislation on digital assets.<\/p>\n\n\n\n

The government has also accelerated its efforts to pass cryptocurrency regulation following the recent Terra crash, which has led to an increasing number of regulatory measures.<\/p>\n\n\n\n

South Korea to introduce task force by June<\/h2>\n\n\n\n

According to a report\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> by South Korea's NewsPim news agency, an official said the committee would be introduced in the last week of June.<\/p>\n\n\n\n

The Terra crash led the government to tighten regulation of cryptocurrencies and also called for crypto investors to have the same level of protection as stocks.<\/p>\n\n\n\n

The committee monitors the markets and establishes guidelines on listing, disclosure, and investor protection. It will also consult a panel made up of the top five South Korean cryptocurrency exchanges – Upbit, Bithumb<\/use><\/svg><\/span><\/a>, Coinone, Cobit, and Gopax.<\/p>\n\n\n\n

Even as the government ramps up the regulation of cryptocurrencies, it is expected to take at least a year to enact basic space laws. In the meantime, the government may amend existing financial disclosure laws to accommodate cryptocurrencies.<\/p>\n\n\n\n

Terra's plunge will introduce more cryptocurrency regulation<\/h2>\n\n\n\n

Previous reports have indicated that South Korea is already considering tougher cryptocurrency regulations in response to the Terra crash.<\/p>\n\n\n\n

The government has also stepped up its investigation into the accident, recently taking Terraform Labs officials to court.<\/p>\n\n\n\n

The push for more regulation somewhat contradicts promises made by newly elected President Yoon Suk-yeol. The president-elect has pushed for pro-crypto regulation amid the space\u2019s growing popularity in South Korea.<\/p>\n\n\n\n

But South Korea isn't the only country pushing for cryptocurrency regulation<\/a> in the wake of the Terra disaster. Senior officials in Europe and the United States have called for a tougher stance on space.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to local media reports, South Korea plans to launch a digital asset watchdog by June. The country will set up a Digital Assets Committee to serve as a “control tower” for space. The committee will oversee the regulation of space until the government is able to draft fundamental legislation on digital assets. The government […]<\/p>\n","protected":false},"author":34,"featured_media":28697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-28690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/Korea-crypto.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28690"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28697"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}