Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
Terra’s collapse pushed South Korea to form a committee focused on the strict regulation of cryptocurrencies.
- South Korea set up the Digital Assets Committee
- Terra collapse leads to new measures in South Korea
- The country hopes to pass the Framework Law on Digital Assets
The collapse of Earth, of the South Korean company Terraform Labs and South Korean-born founder, Do Kwon, has led the Asian nation to a series of actions, from Do Kwon’s own research y your employees, to the analysis of exchanges’ liability . But all this has led the country to a decision, foreseeing similar situations in the future: the creation of the South Korea Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets Committee, which will function as the digital asset manager’s command center, to be launched next month.
This is the first official announcement of the “Digital Assets Committee”. The committee is expected to create regulations and oversee the crypto industry until the approval of the Framework Law on Digital Assets y se funda una agencia gubernamental, según un informe del medio de noticias surcoreano NewsPim.
A government official said:
“The launch of the Digital Assets Committee will be immediately after the swearing in of the new chairman of the Financial Services Commission.”
As they explain NewsPim y Finbold, after the collapse of the UST of Earth, that affected the entire crypto ecosystem, the need for a reliable control tower to represent the virtual asset business arose, prompting the party to quickly establish the Digital Assets Committee.
Added to this is the fact that the recovery plan that was put in place after the failure of stable currency currency is a medium of exchange that defines value. EarthUSD (UST) from Terraform Labs and its native token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. LUNA got off to a rocky start. This was due to the fact that the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. LUNA 2.0 saw a significant price drop hours after its introduction; more specifically, the value of the token dropped by more than 67%, although then recovered a little.
Today, in addition Earth also announced that certain users got a lower amount of LUNA from the airdrop a marketing campaign that distributes a specific cryptocurrency or token to an audience. than they had anticipated and that the company is working on a solution.
???? Attention$LUNA airdrop recipients ????
We are aware that some have received less $LUNA from the airdrop than expected & are actively working on a solution.
More information will be provided when we have gathered all of the data, so stay tuned.
— Terra ???? Powered by LUNA ???? (@terra_money) May 30, 2022
Reorganization in South Korea
The media explain that the unification of the systems of the departments now controlled by the Ministry of Strategy and Finance, the Financial Services Commission, the Ministry of Science and ICT and the Personal Information Protection Committee is expected to reduce market an area or arena, online or offline, in which commercial dealings are conducted. uncertainty and increase policy effectiveness in South Korea, as it is considered vital to protect investors to the same extent as equity investors.
Professor Hwang Seok-jin of the Graduate School of International Information Security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. at Dongguk University and member of the Special Committee on Virtual Assets stated:
“At the end of last year, the daily transaction amount of virtual assets was KRW $11.3 billion (about USD $8.8 million), which is similar to KOSDAQ’s average daily transaction (South Korean stock market), but there is no protection for investors due to the lack of a system. A ministry should be established to protect investors in digital assets to the level of protection for equity equity is the funds that would be returned to a company's shareholders if all of the company's assets were dissolved and all debts were paid off in the event of liquidation. investors.” .
In particular, the Digital Assets Commission intends to draft rules to include screening criteria, market monitoring, unfair trading monitoring, a disclosure system, investor protection measures and the like. The recent Luna event has brought to light a number of problems, including the mess over the requirements for listing the addition of an asset or an asset pair to an exchange. and delisting the process of removing an asset/stock/cryptocurrency from a trading exchange is called delisting. coins on the exchanges as well as an obsolete method of monitoring market activity.
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