South Korean policymakers are pushing the country’s cryptocurrency exchanges to come up with industry guidelines for listing and delisting digital tokens, in a bid to protect the public after the collapse of the TerraUSD stablecoin.
Yun Chang-hyun, a lawmaker who heads the ruling party’s virtual assets committee, has called a second meeting with bourses Upbit, Bithumb, Coinone, Korbit and Gopax for next week, he said in an interview. The aim is to agree on a draft of the non-binding guidelines, he said. The country would employ a self-regulatory system, like Japan does.
“There are a lot of shortcomings compared with traditional finance,” Yun said by phone. Crypto “was neglected for too long without order and discipline.”
The move comes after the high-profile implosion of algorithmic stablecoin TerraUSD last month. Around $40 billion in market value was erased globally for holders of TerraUSD and its sister coin Luna when TerraUSD plunged far below its $1 peg. An estimated 280,000...
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