According to the Korea Times, the South Korean government is shifting blame for the cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) crashes onto crypto exchanges.
The Korean National Assembly and administration conducted an emergency meeting Tuesday with the heads of the country’s largest crypto exchanges to explore measures to prevent a repeat of the LUNA and UST collapses. The publication stated that lawmakers and banking authorities appeared to favour the adoption of stricter rules on crypto exchanges.
The Korean government has chastised cryptocurrency exchanges for their slow response to the two cryptocurrencies’ fall. LUNA was still on several big Korean crypto exchanges until two weeks later. Some critics claim they purposefully delayed delisting in order to profit from the situation.
Rep. Yoon Chang-hyun of the ruling People Power Party expressed concern about the confusing listing and delisting standards used by cryptocurrency exchanges.
Lee Sirgoo, the CEO of Dunamu, which owns Upbit, the country’s leading cryptocurrency exchange, indicated that adopting a single listing criteria across local cryptocurrency exchanges will not fix the problem.
“Crypto assets can be transmitted to non-Korean headquartered exchanges, and many crypto investors are already doing so,” he states.
Lastly, Rep. Sung Il-jong of the People Power Party says during the meeting:
“We need to make exchanges play their proper role, and toward that end,”
“it is crucial for watchdogs to supervise them thoroughly.”
In the near future, the National Assembly wants to convene a hearing on the LUNA tragedy. Do Kwon, on the other hand, is unlikely to attend because his whereabouts remain unknown, according to the publication.
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