A South Korean politician wants the government to create a special fund to help crypto investors who have suffered losses in the markets – and says that crypto exchanges should foot the bill.
News1 reported that Kim Byung-wook, an MP for the opposition Democratic Party, told a group of blockchain industry leaders and financial regulators at a summit that leading trading platforms should launch an “investor protection fund.”
He was quoted as saying:
“If exchanges created [such] a fund, the market would develop more soundly and investors would enjoy greater protection – even before new legal measures are introduced.”
The government has repeatedly spoken about the need to boost crypto investor protection after thousands of citizens sustained heavy financial losses at the start of the bear market in May. The “LUNAC/Terra incident,” as South Korean lawmakers and media professionals have dubbed it, is likely to become a catalyst for major regulatory reform.
The government has stated that...
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