South Korean cryptocurrency exchanges are forming a body to avoid another Terra LUNA-style collapse

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Five South Korean cryptocurrency exchanges have announced their intention to form a consultative organization to assist avoid another Terra LUNA-style token crash. The organization is anticipated to meet its goals by implementing standards that have been endorsed by cryptocurrency exchanges.

According to a report by Yonhap News, the exchanges’ intention was revealed at a recent party-government meeting at the National Assembly.

The five exchanges’ decision, which includes Upbit, Bithumb, Coinone, Korbit, and Gopax, comes just weeks after they were chastised for their seeming indifference to the collapse of the former terra (LUNA) cryptocurrency and the terrausd (UST) stablecoin.

According to the source, the five exchanges will take a variety of preparatory procedures before launching the screening rules, including the signing of a commercial agreement and upgrading listing-related requirements.

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Meanwhile, the CEOs of five exchanges and relevant working groups will make up the consultative council, according to the Korean language newspaper. The group will also establish a warning system, set delisting requirements, and provide information on cryptocurrency white papers, in addition to compliance and market monitoring.

According to the report, the body is anticipated to create standards that will be utilized when listing cryptocurrencies and assessing tokens for any indicators of a Ponzi scheme. The exchanges, which have all recently announced the delisting of litecoin (LTC), have vowed to cooperate together in the event of another catastrophe such to the Terra debacle.

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