Roehl Niño Bautista · · 1 min readKorea speeds crypto regulation talks amid Luna token scare
South Korean regulators are speeding up cryptocurrency regulation talks following the collapse of crypto token Luna and stablecoin TerraUSD, reported Forkast.
The troubled coins, handled by Terraform Labs, saw their values plummet to almost US$0, prompting a stop to blockchain production and an unauthorized visit at its CEO’s home.
This development sees a quicker establishment of an investor-friendly “Digital Asset Basic Act,” reportedly set to take effect by 2024. It is expected to include provisions on a 20% tax on digital assets and insurance for users.
Prior to taking office, incoming president Yoon Suk-yeol released a list of national tasks that include policies on cryptocurrencies. It didn’t include establishing a government agency on digital assets, much to the dismay of South Korean fintech groups.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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