A month of terra crash. Exchange, underlying common standards

A month of terra crash. Exchange, underlying common standards

After the Terra-Luna crash, five domestic virtual asset exchanges, which supported the original market, agreed to introduce a common operating standard. In particular, the company plans to reduce market confusion by establishing standards for abolition of coins.

Five virtual asset exchanges, including upbeats, Bithumb, Coin One, Cobit, and Gofax, announced on the 13th that they will form a joint council at the meeting of the fairness and investor protection of the virtual asset market.

The council is composed of related staff related to the exchanges, and will be divided into ▲ transaction support, market monitoring, and compliance monitoring division directly related to investor protection.

Exchanges set up a reinforcement criteria for starting and terminating virtual asset transactions. Considering the risk of virtual assets, a common screening item and evaluation guidelines will be established, and the existing evaluation method focused on technical efficiency is reflected to reflect the factors such as project business.

The company plans to periodically evaluate the virtual assets that are supporting transactions, determine whether they will continue to support transactions, and preserve the evaluation results in documentation.

Alarm system for virtual assets with high risk of investment is introduced. There is a rapid fluctuation of distribution or prices, or the proportion of certain minority accounts in a short period of time will be issued an investmentist alarm according to the industry joint standards for virtual assets that are highly concerned about market order.

The company plans to block investmentism by blocking the automatic sale of the program. As such, the number of owners, the amount, the volume, and the price of the risk virtual assets were monitored, and the agreed to strive to respond to the pre-response before the dangerous situation, such as coin run, where large-scale funds are withdrawn.

Exchanges will create minimal considerations and procedures at the end of transaction support. Accordingly, the company plans to consistently apply five exchanges to allow virtual assets to withdraw high schools and termination dates. In the event of a large incident on domestic investors, a mutual cooperation system will be established within 24 hours.

It also strives to create a healthy investment environment so that investors have enough information about virtual assets. We have agreed to provide virtual asset white paper and evaluation reports in the exchange platform and insert excessive investment warning phrases into Internet advertising.

When investors sell virtual assets with excessive amounts, they will display warning phrases, produce related educational videos so that investors will be obliged to watch.

At the meeting, the National Strategy Policy Committee and the Special Committee on Virtual Asset announced that they would enact the ‘Blockchain Platform Basic Act’, which supplemented the regulation of the virtual asset industry, scattered or incomplete in other laws such as the specific financial information law, with the Terra and Luna crisis..

Lee Jae-won, CEO of Bithumb Korea, who attended the meeting, said, We will do our best to review and support legislation to establish the virtual asset business law.

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