of Korea Herald Report According to reports, the government of South Korea has been considering for the past few months which organization should be given the responsibility of monitoring the crypto industry. Along with this responsibility, the FSS will also have to look at the impact of previously implemented measures, including an act to ban cryptocurrency exchanges.
Do Kwon, co-founder of Terraform Labs, may also face legal proceedings in South Korea. South Korea’s ruling party recently also announced the creation of a new Digital Asset Committee. This committee, which acts as a regulator for the crypto industry, will also have to formulate a policy related to this segment. The monitoring of the crypto industry will be tightened through this committee working under the FSS. Preparations are also being made to impose a tax of 20 percent on profits from crypto transactions in South Korea. Those earning more than 2.5 crore won this year will come under the ambit of this tax.
The massive drop in stablecoin project Terra early last month had an impact on the entire crypto segment. It has been revamped as ‘Terra 2.0’ to compensate investors for the loss caused by this fall. Stablecoins are cryptocurrencies that attempt to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets. USD Coin, Tether and Binance USD Some Popular stablecoins which are linked to the US dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange. It is often used by traders to remit funds. Major stablecoins can be exchanged for bitcoin or other cryptocurrencies <!–