{"id":2199927,"date":"2023-01-19T10:19:30","date_gmt":"2023-01-19T10:19:30","guid":{"rendered":"https:\/\/www.nknews.org\/koreapro\/?p=2199927"},"modified":"2023-04-05T16:10:19","modified_gmt":"2023-04-05T07:10:19","slug":"why-collapse-of-south-korean-blockchain-wont-derail-countrys-crypto-market","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/01\/why-collapse-of-south-korean-blockchain-wont-derail-countrys-crypto-market\/","title":{"rendered":"Why collapse of South Korean blockchain won\u2019t derail country\u2019s crypto market"},"content":{"rendered":"

South Korea, a growing cryptocurrency market <\/span>worth<\/span><\/a> over $200 billion, is home to almost <\/span>7 million<\/span><\/a> users and is the second biggest in East Asia after China. This strong rate of adoption might partly be due to a highly <\/span>digital culture<\/span><\/a> and the <\/span>volatility<\/span><\/a> of the South Korean won (KRW). However, the spectacular collapse of the Terra Luna cryptocurrency, led by South Korean entrepreneur turned international fugitive Do Kwon, has rattled the country\u2019s digital assets industry.<\/span><\/p>\n

The government has called for greater transparency and accountability in the sector and is also looking into regulating the industry more effectively. However, even with more regulations on the way, it does not appear that it will derail the country\u2019s appetite for cryptocurrencies.\u00a0<\/span><\/p>\n

TERRA LUNA<\/b><\/p>\n

Do Kwon, who was born in Seoul but set up his crypto company Terraform Labs in Singapore, presided over a cryptocurrency called Luna ($LUNA) and an associated \u201cstablecoin,\u201d TerraUSD ($UST). The two were closely related, with traders able to swap a unit of $LUNA for $UST and vice versa.\u00a0<\/span><\/p>\n

$UST was designed to maintain a peg to the dollar and <\/span>operated<\/span><\/a> as a \u201cdecentralized algorithmic stablecoin,\u201d which meant that the coin was not backed by any underlying assets or cash reserves. Instead, the plan was for $UST to maintain its peg through a mechanism that either created new coins or destroyed old ones, depending on demand.<\/span><\/p>\n

However, in April 2022, investors began to sell off large amounts of the coin, at which point this mechanism failed. TerraUSD quickly lost its peg and plunged in value, which also caused its sister coin, $LUNA, to nosedive. While it is still possible to purchase a $LUNA coin, at the time of writing, the coin was <\/span>trading<\/span><\/a> at $0.000180 <\/span>\u2014<\/span> a drop of 99.9998% since its all-time high of $119.51.<\/span><\/p>\n

ON THE RUN<\/b><\/p>\n

While the collapse of Terra Luna <\/span>reverberated through<\/span><\/a> global crypto markets, South Korea was at the center of the story. According to the Financial Services Commission, the country\u2019s financial regulator, around <\/span>280,000<\/span><\/a> South Koreans had invested in Terra Luna, some of whom lost their <\/span>life savings<\/span><\/a>.\u00a0<\/span><\/p>\n

As a result, in <\/span>Sept. 2022<\/span><\/a>, prosecutors in Seoul issued a warrant for Do Kwon\u2019s arrest, accusing him of fraud and violating capital market laws.<\/span><\/p>\n

Law enforcement officials believe that Do Kwon <\/span>traveled<\/span><\/a> from Singapore, where he was living at the time of the collapse, to Dubai and then to Eastern Europe. South Korean prosecutors believe that Do Kwon is currently in <\/span>Serbia<\/span><\/a>, but there has not yet been any sign that Belgrade will seek to extradite him to Seoul.<\/span><\/p>\n

The fate of Do Kwon remains in the balance, with authorities still attempting to get him before a court in Seoul. But the collapse of Terra Luna <\/span>\u2014<\/span> along with subsequent debacles such as the equally spectacular <\/span>downfall<\/span><\/a> of global exchange FTX <\/span>\u2014<\/span> has sparked calls in South Korea for greater regulation of the space. Some individuals claimed to lose <\/span>millions of dollars<\/span><\/a> as a result of the Terra Luna fiasco and whole swathes of Korean retail investors were left in the lurch.<\/span><\/p>\n

\"\"

South Korean National Assembly, Sept 2013, via Wikimedia Commons<\/a><\/em><\/p><\/div>\n

CALLS FOR REGULATION<\/b><\/p>\n

Many regulators and lawmakers in South Korea believe that cryptocurrency projects are not sufficiently open about the risks associated with their platforms. Terra Luna was particularly opaque, claiming to operate a coin that was entirely \u201cstable.\u201d The loss of trust that resulted from Terra Luna\u2019s collapse has led to calls for <\/span>greater<\/span><\/a> regulation<\/span><\/a> of the industry to protect retail investors from bad actors such as Do Kwon.<\/span><\/p>\n

Chloe Lee, a partner at the Seoul-based corporate law firm Lee & Ko who specializes in fintech and blockchain regulation, believes such regulation could be forthcoming in light of the Terra collapse.<\/span><\/p>\n

\u201cThe ruling party proposed a new bill to regulate digital assets at the end of last year, with the bill intending to regulate two areas,\u201d she told <\/span>KOREA PRO<\/span><\/i>. \u201cOne concerns consumer protection and the other is about restricting unfair trades.\u201d<\/span><\/p>\n

Lee added that the motivation behind this bill \u2013 known as the <\/span>Digital Assets Basic Act<\/span><\/a> \u2014<\/span> is a recognition from Seoul and financial regulators that such areas \u201cshould be regulated as soon as possible.\u201d\u00a0<\/span><\/p>\n

\u201cRegulation in other areas <\/span>\u2014<\/span> such as licensing, disclosure and business conduct <\/span>\u2014<\/span> will be established at a later stage, considering other countries\u2019 legislation on digital assets,\u201d Lee said.\u00a0<\/span><\/p>\n

Despite the damage inflicted by the Terra Luna collapse, the debacle is unlikely to strike a fatal blow to South Korea\u2019s crypto scene. President Yoon Suk-yeol has been explicitly pro-crypto and <\/span>campaigned<\/span><\/a> to open South Korea up to blockchain innovation. Further, Asian venture capital funds <\/span>continue<\/span><\/a> to commit substantial funding to so-called Web3 initiatives such as decentralization, the metaverse and virtual gaming, which are often associated with blockchain and cryptocurrency technology.<\/span><\/p>\n

That said, there appears to be a determination in Seoul to address the issues brought to light by the Terra Luna collapse and other crypto-related matters, such as <\/span>money laundering<\/span><\/a>. A crypto-friendly administration will hope that improving consumer protection and regulating digital assets will herald a more mature and sophisticated market. Whether such a market is possible remains to be seen.<\/span><\/p>\n

Edited by John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea, a growing cryptocurrency market worth over $200 billion, is home to almost 7 million users and is the second biggest in East Asia after China. This strong rate of adoption might partly be due to a highly digital culture and the volatility of the South Korean won (KRW). 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