The world's first crypto police will begin work in June

Posted 31 May, 2022

The Digital Assets Committee, the world's first ministerial-level regulator, will begin work in June, according to Korean newspim.com. The South Korean government will accelerate the launch of a new body to oversee the crypto sector as a direct response to the UST and LUNA incident.

The committee will operate separately from the existing Financial Services Committee (FSC) and the Financial Supervisory Service (FSS), the country's two main financial regulators. The FSC looks after the sector as a whole and helps shape policy, while the FSS keeps an eye on crypto exchanges.

On May 31, the Government will expand and reorganize the existing branches of state bodies as part of the Digital Assets Committee, media reports citing sources.

“The work of the Digital Assets Committee will begin immediately after the inauguration of the new chairman of the Financial Services Commission,” said a representative of the ruling party.

The committee will be one of the first dedicated crypto regulatory bodies in the world and will assume sole responsibility for oversight of the entire sector, although the transition from FSC and FIU will be phased in.

Last week, the country's top five exchanges - Upbit, Bithumb, Coinone, Korbit, and Gopax - announced that they are forming a joint response council following the collapse of LUNA. Party sources said the commission would likely be consulted by this new body in some capacity.

The collapse of USTC (formerly UST), the third-largest stable coin backed by the Terra Blockchain, began on May 8th. The cryptocurrency lost its peg to the US dollar after a one-off sale of about $300 million worth of tokens. At the moment, the stable coin price is about $0.03.

 

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