After Terra’s collapse, Korea will begin to strictly control cryptocurrencies

South Korea is planning to create a Virtual Asset Surveillance Service in the wake of the Terra collapse in early May. The committee will be created on the basis of the existing body that oversees digital assets, with plans to expand and slightly reorganize it.

The collapse of the Terra stablecoin and its subsidiary Binance/">Luna token has attracted the attention of the country’s leading politicians. To prevent a repeat of Do Kwon's story, the South Korean government will create guidelines for listings, unfair trading, information disclosure, and investor protection issues. The committee will work together with the best local crypto exchanges (Upbit, Bithumb, Coinone, Cobit, and Gopax).

As a reminder, the Luna crash has had terrible consequences for some Ukrainians. One of the victims lost all of his family’s savings.