South Korea's financial regulator says it can't take action on LUNA incident yet

05/15 08:54

According to Korea JoongAng Daily, financial authorities of South Korea are keeping an eye on the cryptocurrency market following the crash of TerraUSD cryptocurrency and its sister token Luna, but admit there's not much they can do immediately. The Financial Services Commission and the Financial Supervisory Service plan to enact a law on digital assets next year to protect investors, although the law wouldn't be implemented until 2024. A spokesperson for the financial authorities said: “In regards to the Luna incident, we are monitoring the overall situational changes, but there isn’t a direct measure the government can take at this moment. There is no ground for the government to intervene because coin transactions are being freely operated by the private sector.” The spokesperson added that financial authorities only have the right to supervise coin transactions linked to money laundering. The Korean Financial Intelligence Unit under the Financial Services Commission is in charge of tracking money-laundering of cryptocurrencies in Korea.
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