• South Korea plans to create a Digital Assets Committee early in June 2022.
• The move is due to the country’s perceived need to establish a dedicated body due to the LUNA incident.
• “The daily transaction amount of virtual assets exceeded 11.3 trillion won,” says a Korean professor.

People Power Party (PPP), the ruling party in South Korea is planning to create a Digital Assets Committee. (DAC) This committee will be established by June 2022. On Tuesday, May 31, 20,22, a Korean news agency revealed this information.

According to the report the DAC is the controlling tower of policy formulation and oversight for the virtual asset sector. The control tower will continue to be the committee until the Digital Assets Framework Act is enacted and an agency created by the government.

A Korean regulatory body for cryptocurrency has been established by the government. It was created in response to the (LUNA) implosion earlier in the month. Two Korean founders Do Kwon and Daniel Shin created the Terra ecosystem. According to some reports, the crash cost investors more than $60 trillion.

A representative of the ruling party stated that

Following the induction of the Financial Services Commission Chairman, the Digital Assets Committee’s launch will occur immediately. Because of the increased need for an authoritative control tower to represent virtual assets, the party launched the Digital Assets Committee quickly.

Hwang Seok-jin, a professor at Dongguk University’s Graduate School of International Information Security and a member of the Special Committee on Virtual Assets, said the daily transaction amount of virtual assets exceeded 11.3 trillion Korean won. A commodity that has a daily average transaction volume of 11.3 trillion Korean won should be protected from crash.

This commission will develop guidelines to guide crypto listing screening criteria.

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