South Korea and the United States have agreed to share data from the Terra network crash investigation.
At the U.S. Attorney’s Office for the Southern District of New York, South Korean Justice Minister “Han Dong-hoon” met with “Andrea Griswold”, co-chief of the Securities and Commodities Task Force, and “Scott Hartman”, chief of the Securities and Commodities Fraud Task Force.
According to News Agency, the two countries started to give investigation data about the Terra (LUNA) network crash, which resulted in approximately $40 billion in losses.
South Korea is looking into Terraform Labs for possible fraud, tax evasion, and market manipulation, while the US is looking into Do Kwon and whether TerraUSD violated any regulations.
More supervision
Meanwhile, Terra’s demise has spawned new crypto regulation efforts in a number of countries. South Korea has established a new crypto committee to evaluate crypto projects listed on cryptocurrency exchanges.
According to reports in the United States, the government is collaborating with Congress to draught new stablecoin legislation that could go into effect before the end of the year.
The government of the United Kingdom proposed several legislative changes for crypto firms, including stablecoin issuers. Singapore’s financial regulator is contemplating new broad rules to protect retail investors.
Meanwhile, the EU’s Markets in Crypto-Assets (MiCA) framework is attempting to impose redemption reserve requirements on stable coins in order to cover deduction, as well as a daily transaction limit for the largest operators.
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