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South Korea has agreed to update its legal framework to better monitor crypto projects

New amendments to the Digital Assets Bill are being proposed by authorities from South Korea.

An amendment is being prepared by Congressman Yoon Chang-Hyun to prevent the repetition of events such as the FTX collapse.
News 1 says that Chang-Hyun wants to give more authority to the country’s Financial Services Commission and Financial Supervisory Service.

“Rep.The first legislative review subcommittee of the National Assembly’s Political Affairs Committee will hold a revision of the secure digital asset transactions bill on the same day.”

South Korea wants to protect investors from crashes

Customer deposits must be separated under the new amendment to the Digital Assets Act. Financial authorities have greater control over unfair trading practices.
Regulators will be able to inspect and supervise cryptocurrencies projects to protect investors from losses like those caused by Terra LUNA.
South Korean prosecutors issued an arrest warrant for Do Kwon, the founder of Terra, after he was accused of fraud due to the collapse of the UST stable coin, even though he denies it. This is not a one time effort.
Terra and FTX have been used as examples by regulators around the world.
Hearings are being set by the United States to understand the situation better.

Exchanges will not be able to use their clients’ money

The Digital Assets Law has been amended so that trading platforms can’t seize users’ deposits if they are sent to a custodian institution.
The new law gives the control of irregular fluctuations in the price or trading volume to the financial authorities.
Exchanges will be required to immediately report any unfair activity to the Governor of the Financial Supervisory Service, who will be responsible for taking appropriate measures to prevent fraud, money laundering, or any other crime.

The amendment to the Act was introduced to reflect on the FTX incident and prevent a repeat, according to an unidentified National Assembly official.

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