Luna Crisis 'Emergency Party-Government Meeting'... Summoning Representatives of 5 Major Virtual Exchanges

[Asia Economy Reporter Ji Yeon-jin] Due to the collapse of the domestic coins Terra and Luta that shook the global virtual market, the government and the ruling party will hold an emergency party-government meeting next week. At this meeting, the representatives of the top five domestic cryptocurrency exchanges will be invited to discuss investor protection measures and the enactment of the Digital Asset Basic Act.

According to the virtual asset industry on the 20th, the People Power Party Policy Committee and the Special Committee on Virtual Assets will hold a party-government meeting on the 24th to urgently review the enactment of the Digital Asset Basic Act and investor protection measures in the coin market.

At this meeting, the representatives of virtual exchanges will be asked for consumer protection measures following the recent Luna incident, and the current status of the Financial Services Commission's preparation of the Digital Asset Basic Act legislative bill and the inspection results of virtual asset exchanges from the Financial Intelligence Unit (FIU) will be reported. In addition, the Financial Supervisory Service will report on coin market risk management measures, and the Fair Trade Commission will report on consumer protection in coin exchanges and measures to resolve market monopolies. The current status of investigations into virtual asset-related crimes by the National Police Agency will also be reviewed.

From the ruling party, Policy Committee Chairman Seong Il-jong, Chairman of the Political Affairs Committee Yoon Jae-ok, Secretary of the Political Affairs Committee Kim Hee-gon, and Chairman of the Special Committee on Virtual Assets Yoon Chang-hyun will attend. From the government side, newly appointed Vice Chairman of the Financial Services Commission Kim So-young, Director of the Financial Intelligence Unit (FIU) Kim Jeong-gak, and officials from the Financial Supervisory Service, Fair Trade Commission, and National Police Agency will all participate.

Prior to this, on the 23rd, an emergency seminar co-hosted by the People Power Party Policy Committee and the Special Committee on Virtual Assets will be held on the causes and countermeasures of the Luna and Terra incidents. At this seminar, they plan to diagnose the impact of the Luna incident on the market and discuss response measures.

Yoon Chang-hyun, Chairman of the Special Committee on Virtual Assets, said, "There are numerous tasks to protect investors in the coin market, such as fair and transparent listings, establishing a self-regulatory system against unfair practices, market monitoring and analysis, delisting accompanied by predictable and investor damage prevention measures, establishing a compensation system for connection failures, and safe management of customer deposits." He emphasized, "Although prompt legislation of the (Digital Asset Basic Act) is necessary, investor protection measures cannot be delayed using the excuse that there is no law."