South Korean Financial Supervisory Authority Gathered on Tuesday to discuss how to deal with the impact of this month’s TerraUSD collapse.
The Financial Supervisory Service (FSS), Fair Trade Commission (FTC) and the Financial Service Commission (FSC) shared updates after an emergency meeting held in Congress. according to local news reports
The FSS said on Tuesday that It plans to investigate the location of blockchain-related financial services firm Terra after the collapse.According to Money, Today
Speaking after the event, Chan-woo Lee, senior vice president of FSS, said the likelihood of a crisis affecting traditional financial markets was low.
These reviews take into account the paid services associated with Terra. status of withdrawal and standards used to protect users
In addition, the FSS will develop research aimed at analyzing the risks of cryptocurrencies and digital assets circulating in domestic exchanges These assets are then categorized according to their risk characteristics.
South Korea’s FTC also announced plans to scrutinize cryptocurrency exchanges based on guidelines from last year regarding terms and conditions. which according to a local report from YNA News The FTC recommends that 16 domestic exchanges, including Bithumb Korea and Dunamu, should amend existing terms and conditions as they are unfavorable to users.
“Since June We will carefully examine whether 20 types of unfair terms and conditions are enforced. and issue corrections if necessary,” the statement said.
After the meeting on Tuesday, the FSC announceIt is reviewing new crypto-currency regulations related to stablecoin and decentralized finance (DeFi), YNA News reports.
“The nature of digital assets such as decentralization anonymity and cross-border characteristics This makes it necessary to maintain compliance with global regulations. and strengthening collaborative systems to maintain regulatory efficiency,” the FSC said.followlocal report
Regulators have also emphasized the importance of regulatory compliance globally. It noted that trends discussed by international institutions such as the Bank of International Settlements and the Financial Stability Board must be taken into account, as well as US executive orders. about crypto