In its urgency to reign in the cryptocurrency industry in the wake of the Terra collapse, South Korea will launch a “Digital Asset Committee” by the end of June, according to a local news report.

See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight 

Fast facts

  • The committee will serve as a watchdog for the crypto industry until the proposed Digital Asset Basic Act is enacted and the government creates a separate agency for the task.
  • The government is expanding and reorganizing its existing Special Committee on Virtual Assets to form the new Digital Asset Committee.
  • The committee will be launched after the Financial Services Commission’s new chairman takes up office. 
  • The new committee will set coin-listing criteria, monitor unfair trade practices, oversee investor protection measures, among other tasks. 
  • The country’s regulators have reportedly been trying to speed up crypto regulation since the Terra debacle affected nearly 280,000 South Koreans. 

See related article: South Korea hopes to institutionalize crypto by 2024