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S. Korea Eyes Impact of Luna, Terra Collapse on Crypto Market

May 17, 2022, 8:48 AM

South Korean financial regulators said they are keeping a close eye on one of the world’s most active cryptocurrency markets for any potential fallout from the collapse of the Luna cryptocurrency and its related TerraUSD stablecoin.

The regulators are particularly focused on potential risks spreading to the financial sector after the plunge in the cryptocurrencies, an official at Financial Services Commission said by phone Tuesday. While regulators are only able to play a limited role with the absence of relevant regulations, the Financial Supervisory Service needs to investigate potential investor damage and its cause, FSS governor Jeong Eun-bo said during ...