Terra’s 'vortex of death' brings scrutiny from South Korean regulators By AdamMorganMc
The National Assembly in South Korea held a meeting on Tuesday to discuss the fallout from the Terra collapse, while representatives from domestic crypto companies were also present.South Korea’s financial regulators came together on Tuesday to discuss how to address fallout from this month’s collapse of the TerraUSD stablecoin.
The FSS revealed on Tuesday that it plans to inspect the premises of companies that provide financial services related to the Terra blockchain, following its collapse,Speaking after the event, Chan-woo Lee, senior vice president of the FSS, said that the possibility of the crisis affecting traditional financial markets was still low and in order to prevent the risk on-site investigations would be conducted.
South Korea’s FTC announced plans to examine cryptocurrency exchanges compliance with guidance from last year relating to terms and conditions, according to local reports fromLast year the FTC recommended that 16 domestic exchanges, including Bithumb Korea and Dunamu, should correct their existing terms and conditions as they were unfavorable to users.
"The characteristics of virtual assets such as decentralization, anonymity and transboundary nature make it essential to secure consistency with global regulations and strengthen the cooperative system to secure regulatory effectiveness," the FSC noted,The regulator went on to stress the importance of global regulatory consistency.
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