Over one year after the collapse of Do Kwon’s Terra empire, South Korea is taking decisive action. The government has passed a groundbreaking piece of legislation, the Virtual Asset User Protection Act, aimed at protecting investors from the fallout of such catastrophic events, according to a report from Bloomberg.

This legislation sailed through the National Assembly on June 30, in response to the growing concerns about “unfair” trading practices in the crypto market. As reported by SBS Biz, a local news outlet, the law is a significant stride toward creating a safer environment for crypto investors in South Korea:

“Acts of using undisclosed important information, manipulation of market prices, and illegal transactions are defined as unfair trade practices.”

South Korean prosecutor Dan Sunghan told Bloomberg earlier in June that the downfall of Terra is “the largest financial fraud or financial securities fraud case that has ever happened in South Korea.” This underscores the urgency and importance of the new legislation, demonstrating the government’s commitment to protecting its citizens in the rapidly evolving world of cryptocurrency.

Terraform Labs founder and former-CEO Do Kwon and former chief financial officer Han Chang-joo

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Author: Emily Tonelli

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