U.S. and South Korean authorities have agreed to cooperate in investigating the implosion of Terra and the implosion of South Korea. Yonhap News Agency Reported on July 6th.
South Korea’s Justice Minister Han Dong-hoon met with Andrea Griswold, co-chief of the Securities Commodity Task Force, and Scott Hartman, chief of the Securities Commodity Fraud Task Force, at the Federal Attorney’s Office in the South District of New York. ..
Yonhap News added that the two countries have agreed to share research data on the crash of the Terra (LUNA) network, resulting in a loss of approximately $ 40 billion.
South Korea is investigating the possibility of fraud, tax evasion and market manipulation on the Terraform Labs side, and the United States is investigating Do Kwon to see if TerraUSD violates certain regulations.
More regulation
Meanwhile, the crash of Terra has spawned new cryptographic efforts in some countries. South Korea has established a new crypto committee to evaluate crypto projects listed on the crypto exchange.
In the United States, there are reports that the government is working with Congress to develop a new Stablecoin Act that may come into effect by the end of this year.
The UK government has proposed several legislative amendments for crypto companies, including stablecoin issuers. Financial regulators in Singapore are considering new comprehensive regulations to protect individual investors.
Meanwhile, the EU’s Crypto-Assets (MiCA) framework seeks to impose redemption reserve requirements on Stablecoin to cover withdrawals, as well as daily trading thresholds for the largest operators. ..
