In Wake Of LUNA Crash, South Korea To Set Up Crypto Regulatory Agency, Bitcoin Rises

The South Korean government plans to speed up the establishment of a new regulatory body to oversee the crypto industry, in reaction to what it has nicknamed the “terra (LUNA) crisis”. The Digital Assets Committee (literal English translation) could be launched “as early as next month. The committee will operate separately from the existing Financial Services Committee (FSC) and the Financial Supervisory Service (FSS), the country’s two top (tradfi) financial regulators.

The new committee will most likely be one of the world’s first dedicated crypto regulatory organisations, with sole authority over the industry. According to media reports, the group “is likely to become a control centre for policy formation and monitoring of the crypto asset business,” according to sources from President Yoon Suk-Power Yeols People’s Party.

Token launches in all forms have been outlawed in South Korea since 2017. Scores of large companies are keen to launch their own coins—including the conglomerate SK, which is already in advanced stages of plans of launching its own tokens. The party has suggested that “the schedule for legalizing initial coin offerings (ICOs) could be accelerated.”

In other news, Singapore’s central bank has teamed up with DBS, JPMorgan, and Marketnode to explore the use cases of digital assets in tokenisation and decentralised finance. The first stage of “Project Guardian” will see a liquidity pool of tokenised bonds and deposits used for borrowing and lending on a public blockchain-based network.

DBS issued a S$15 million (US $11.3 million) digital bond as part of a security token offering a year ago (STO). Since its introduction in 2020, JPMorgan’s Onyx Digital Assets Network, which employs tokens for trading in fixed income markets, has executed over $300 billion in transactions.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 3.17 per cent in the last 24 hours, and it was trading at $31,614.25 at 6:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.09 per cent, up by 0.11 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,961.51, up by 3.85 per cent, while Binance Coin (BNB) increased by 0.49 per cent during the same time period, and was trading at $318.14. Solana (SOL) was up by 1.24 per cent to $46.20, while Cardano (ADA) was up by 18.08 per cent to $0.6332. 

Meme Coins

Dogecoin was trading at $0.08562 on Coinmarketcap.com at 6:30 p.m. IST and was up by 1.05 per cent. Its rival, Shiba Inu, was down by 0.14 per cent, and was trading at $0.00001176. Samoyedcoin was up by 4.49 per cent, and it was trading at $0.005688, while Dogelon Mars was up by 2.42 per cent, and it was trading at $0.0000004811.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.31 trillion, an increase of 3.09 per cent in the last 24 hours, while the total crypto market volume was $92.83 billion, an increase of 31.01 per cent.

Realm Defenders was the biggest gainer, gaining 396 per cent. It was trading at $0.004957 at 6:30 pm IST, according to Coinmarketcap. In contrast, Bitsubishi witnessed the maximum loss and fell by 98.22 per cent. It was trading at $223.34.