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After Terra (LUNA) Collapse, South Korea Plans TO CREATE Digital Asset Laws!

Because the Terra (LUNA) has seen its collapse in the month of May 2022, it really is under close scrutiny of the South Korean investigation. The team had recently even raided 15 crypto firms that included crypto exchanges like Upbit, Bithumb, Coinone, and Gopax.

Today, according to the reports, the countrys investigation team has marked a finish to its investigation of the 15 companies which were under scrutiny to be with regards to the Terra (LUNA) collapse and Do Kwon-related frauds.

Within the next step, the team will study the gathered transaction records and also other related evidence to see if the firms were linked to TerraForm Labs and its own founder in virtually any circumstance.

The South Korean financial regulators paid the entire reports on the Digital Asset Basic Act, to generate law in October. South Korea also plans to classify digital assets as securities and non-securities according to the united states review.

However, following the Terra (LUNA) crash, the countrys government is becoming more cautious. Hence, the united states is working toward making its crypto regulation strong in order that such mishap later on is avoided.

Meanwhile, the countrys ministry of Justice has passed a notification upon arrival and departure ban against Do Kwon and the companys co-founder Daniel Shin.

Furthermore, the forex transactions which are worth $3.1 billion utilized by Woori Bank and Shinhan Bank for illegal usage of digital assets are increasingly being investigated by South Korean Regulators.

According to the regulators claim, these transactions are linked to money laundering linked to crypto. Hence, the South Korean Financial Supervisory Service has issued a notice to these banks to supply all of the foreign money transactions done between January 2021 and June 2022 on or before July.

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Elena R

Elena can be an expert in technical analysis and risk management in cryptocurrency market. She’s 10+year experience on paper – accordingly she actually is avid journalists with a passion towards researching new insights getting into crypto erena.

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