Korean watchdog begins risk assessment of crypto as Terra 2.0 passes vote
The Korean Financial Supervisory Service (FSS) has announced that it will be standardizing the way in which virtual asset risk is assessed.
According to a local news report, this is because it is currently tough to safeguard investors due to the many ways that risk is measured for each virtual asset exchange. While the FSS's standardization efforts are still in their infancy, when a legal framework for virtual assets has been established, it will be expected that a uniform evaluation system can be implemented for all exchanges.
On Wednesday, Stablenode's COO Doo Wan Nam tweeted that a meeting had taken place at the Korean National Assembly building with representatives from Korean exchanges and officials regarding the Teraa LUNA and UST issues. The exchanges, according to the Doo, said the situation was undesirable and that they would do everything possible to safeguard traders on their platforms.
So there was a meeting at Korean National Assembly building with heads of Korean exchanges and politicians about the $LUNA $UST incident.The exchanges said what's happening with the incident is unfortunate and will work to protect traders on their platforms. pic.twitter.com/Tubv4as95X
Heraldcorp reported on Wednesday that Do Kwon, the cofounder of Terraform Labs, has contacted five South Korean exchanges to relist when LUNA 2.0 goes live. However, because LUNA is now under investigation following its failure, a number of other platforms in South Korea are staying clear, except Upbit.
CEO Kwon's 'Terra Ecosystem Restoration Plan' is a plan to create new coins and give them out to investors who have lost money. "Let's call the existing Terra blockchain network 'Terra Classic,' and the present Luna blockchain, 'Luna Classic,' and
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