Media reports on the creation of a digital assets committee in South Korea

South Korean authorities will establish a temporary Committee on Digital Assets following the Terra ecosystem’s collapse. Local media report this.

According to the publication, the new body will be formed from the existing Special Committee on Virtual Assets and will be launched in June. The structure will operate until the creation of a separate permanent department.

As part of its remit, the Committee will establish listing criteria for cryptocurrencies, safeguard investors, monitor the market and combat unfair trading practices, among other tasks.

Earlier it was reported that in South Korea an interagency group, consisting of prosecutors and financial regulators, will conduct the Terra collapse investigation.

On May 24, authorities held an emergency session in the National Assembly of South Korea. Lee Chan-woo, Vice President of the Financial Supervisory Service, announced inspections of companies providing Terra-related financial services.

Late May, it emerged that a division of the Seoul Southern District Prosecutor’s Office issued subpoenas to Terraform Labs employees.

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