The fall of the Terra ecosystem’s has had major consequences all around the world, but South Korea was the most concerned country of them all.
During signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced that it would launch a new Digital Asset Committee..
According to reports, the committee will serve as a watchdog over the crypto industry and will be responsible for policy preparation and supervision until the forthcoming Framework Act for Digital Assets is enacted and a formal government entity devoted to crypto is established.
The committee is an expansion and reorganization of an existing body overseeing digital assets and is expected to enhance policy effectiveness by streamlining the government’s oversight efforts on crypto.
According to a the report Hwang Seok-jin, a professor at Dongguk University and a member of the Special Committee on Virtual Assets, suggested that a ministry should be established to protect digital asset investors at the same level of stock investor protection.
