{"id":11240,"date":"2022-05-31T23:49:52","date_gmt":"2022-05-31T23:49:52","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/in-wake-of-terra-collapse-south-korea-plans-new-crypto-oversight-committee-report\/"},"modified":"2022-05-31T23:49:54","modified_gmt":"2022-05-31T23:49:54","slug":"in-wake-of-terra-collapse-south-korea-plans-new-crypto-oversight-committee-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/in-wake-of-terra-collapse-south-korea-plans-new-crypto-oversight-committee-report\/","title":{"rendered":"In wake of Terra collapse, South Korea plans new crypto oversight committee: Report"},"content":{"rendered":"
<\/p>\n
The Terra ecosystem\u2019s rise and fall has had major consequences all around the world, but there\u2019s no doubt that South Korea, the birthplace of its\u2019 creator, was the most concerned country of them all.<\/p>\n
Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country\u2019s ruling party announced Tuesday that it will launch a new Digital Asset Committee in early June, according to local news outlet NewsPim.<\/p>\n
According to the report, the committee will serve as a watchdog over the crypto industry and will be responsible for policy preparation and supervision \u2014 that is, until the forthcoming Framework Act for Digital Assets is enacted and a formal government entity devoted to crypto is established. <\/p>\n
The committee is an expansion and reorganization of an existing body overseeing virtual assets and is expected to enhance policy effectiveness by streamlining the government\u2019s oversight efforts on crypto.<\/p>\n
\nThe Terra (LUNA) crash takes another remarkable turn. <\/p>\n
Legal documents have revealed the liquidation of two South Korean offices and the dissolution of the Terraform Labs Korea corporation in the days preceding the dual currency collapse. https:\/\/t.co\/hjEb1rXV4q<\/p>\n