South Korea is speeding up crypto regulations after LUNA collapse.

16 May, 2022

According to local reports, South Korea financial regulators have launched an emergency assessment of cryptocurrencies in order to accelerate regulations. 

South Korea’s National Police Agency revealed that it is closely monitoring the LUNA situation. However, the agency is not planning to investigate Terraform Labs as of now.

No civil complaints have been filed against Terra founder Do Kwon in South Korea.

South Korea’s Digital Asset Basic Act is all set to be passed in the parliament next year and come into effect in 2024. 

LUNA crash that saw crypto market lose nearly a trillion dollars is likely to change global financial regulator’s approach.

Earlier, LUNA investors in Singapore filed a police complaint against the Terra founder Do Kwon after the cryptocurrency crashed nearly 100%.

Angry investors have been calling for Do Kwon’s arrest since LUNA’s collapse last week.