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South Korean Government to Form Digital Assets Committee in Response to Terra Collapse: Report
The committee will provide criteria for the listing of coins by exchanges, introduce investor protections and monitor unfair trading.
Updated May 11, 2023, 4:26 p.m. Published Jun 1, 2022, 3:16 p.m.
The South Korean government plans to form a committee specifically to oversee the digital assets market following the collapse of Terra, according to a report by news outlet NewsPim.
- The Digital Assets Committee, which could be launched this month, will provide criteria for the listing of coins by exchanges, introduce investor protections measures and monitor unfair trading.
- Following the collapse of Terra last month, demands were raised in South Korea for the establishment of a body with specific oversight of the digital assets industry to provide protections comparable to what stock market investors have.
- At present, supervision is handled by a range of government departments and watchdogs, such as the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Science and ICT (information and communications technolgy).
- Calls for increased oversight of the crypto industry were raised at a National Assembly emergency seminar last week. "We need to make exchanges play their proper role, and toward that end it is crucial for watchdogs to supervise them thoroughly," Rep. Sung Il-jong of the ruling People Power Party said.
- Around 280,000 South Koreans are believed to have been victims of the plunge in the value of the Terra stablecoin UST and its sister token LUNA.
Read more: Why Is South Korea Throwing Money at the Metaverse?
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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