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Korean financial regulator wants to standardize crypto risk assessment: Terra 2.0 accepted by community

 


The Korean financial supervisory authority FSS has announced that it wants to establish a standard for assessing the risks of virtual assets.


A local news outlet reported that the rationale for this is that it is currently difficult to protect investors as virtual asset exchanges measure risk differently. It is expected that once a legal framework for virtual assets is established, a uniform rating system can be introduced for all exchanges.


On Wednesday, Stablenode Chief Operating Officer Doo Wan Nam tweeted that a meeting between representatives of Korean exchanges and officials took place at the Korean National Assembly building, where Terra ( LUNA ) and UST were discussed. The exchanges, Doo said, said the situation was unfortunate and they were doing everything they could to protect traders on their platforms.



Heraldcorp reported Wednesday that Do Kwon, the co-founder of Terraform Labs, contacted five South Korean exchanges and requested a listing of LUNA 2.0. However, with LUNA's collapse still under investigation, some platforms in South Korea are holding back. An exception to this is the crypto platform Upbit.


Kwon 's " Terra Ecosystem Restoration Plan " calls for releasing a new coin and issuing it to investors who have lost money. "We are rebranding the existing Terra blockchain network to 'Terra Classic' and the current Luna blockchain to 'Luna Classic' and establishing a new Terra blockchain," the CEO tweeted on May 18.



The majority of the community, namely 65.5 percent, supported Kwon's plan. 13.2 percent were against such a restart. Around 20 percent abstained. As per the suggestion on Terra Station, Terra 2.0 is scheduled to launch on Friday . After this start you can trade with LUNA 2.0 coins. The ratio of the distribution of the new tokens to the members of the network was predetermined. However, all coins have a blocking period of 2 years. Only the first 10 percent are immediately available.


The plan to restart the Terra blockchain and issue LUNA 2.0 tokens has been embraced by the community . With these new blockchains, the tokens will be distributed proportionally to those who lost money in the abrupt collapse of the algorithmic stablecoin UST.



Cryptocurrency exchange Binance supports the "Rebirth of Terra". The company said it is working with the Terra team on the recovery plan. The aim is to offer the affected users of the platform the "best possible treatment".



The controversial collapse of Terra has been widely talked about in the Korean and global crypto community. As Cointelegraph reported, Korean exchanges dealt with the collapse differently. The National Assembly Political Affairs Committee has summoned the co-founder of Terraform Labs to a parliamentary hearing on the issue.


Do Kwon is said to explain the collapse of his project, which he once described as "the oldest and most widely used algorithmic stablecoin".

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