Analysis: The Terra Incident Could Trigger a Global Crypto Regulatory Storm
Terra and UST plummeted to zero in an instant, wiping out tens of billions of dollars in market cap, and a large number of investors who suffered losses began to launch lawsuits. Many key industry players have warned that regulatory pressure on cryptocurrencies may intensify in various countries as a result. 1. South Korea will be the first country to intensify the pressure. South Korea has been the most fanatical country in the world for cryptocurrencies. Data shows that more than a third of the country's citizens are invested in cryptocurrencies, and it is also the top source of customers for many exchanges with derivatives trading volumes such as Bybit Bitget. The new president was set to ease restrictions on exchanges and 1COs in a bid to gain the votes of young voters. But there has been strong opposition to cryptocurrencies in South Korea as well, and Terra is known to be a project created by South Koreans and Korean capital. The Korean community and investors have lost a lot of money in this event. The top VC hashed lost over $3.5 billion. The government has set up a financial regulatory panel called "Death", the IRS is investigating taxes, the National Assembly has requested Do Kwon to appear for hearings, and several law firms have initiated class action lawsuits on its behalf. This also casts a shadow on the future of cryptocurrency policy friendliness in South Korea. 2. Singapore will face regulatory pressure as a concentration of crypto institutions in Asia, and Terra Foundation has previously relocated from South Korea to Singapore. As a result, the Terra main body is also set in Singapore, and thus will generate a lot of international litigation. Singapore has been quite crypto-friendly in the past and has attracted crypto institutions from all over the world, especially from Asia and Greater China. However, in recent years, it has also faced pressure from other countries, leading to targeted crackdowns in Singapore, and Binance 3AC, among others, has moved to Dubai. In the wake of the Terra crash, Singapore's regulatory policies are likely to tighten. More than 1,000 local Singaporean investors have already been reported to the police as having lost money. 3. The U.S., the current center of compliance for cryptocurrencies, DeFi and NFT, has also brought together the most capital and large companies. But there have also been traditional central bankers, economists, and veteran investors within the U.S. who have been opposed to cryptocurrencies. after the Terra incident broke out, the Treasury Department, SEC, and other major regulators have let slip that they are trying to tighten regulation on this basis. China's regulators have been keeping a close eye on the USDT-led stablecoin, and the UST crash may also be an excuse for Chinese regulators to step up their crackdown on stablecoins again. Follow us Twitter: https://twitter.com/WuBlockchain Telegram: https://t.me/wublockchainenglish
If you liked this post from Wu Blockchain, why not share it? © 2022 Colin Wu Unsubscribe
|
Older messages
Global Crypto Mining News (May 9 to May 15)
Monday, May 16, 2022
1. BTC.com shows that current bitcoin mining difficulty is at a record high of 31.25 T, an upward revision of 4.89%. But as bitcoin falls to $30000, more miners will be nearing shutdown coin prices. 2.
UST is in a death spiral, will other stablecoins（USDT DAI FRAX）?
Thursday, May 12, 2022
Recently, the death spiral of UST and LUNA was a big shock, and many newbies may have concerns about the risk of depeg other stablecoins, here we briefly explain. Crypto stablecoins are divided into
Tuesday, May 10, 2022
Editor | Colin Wu With the Fed raising interest rates by 50 basis points, the US stock market and crypto market have started to fall dramatically, Bitcoin has fallen to $30000, Luna has plunged 50%,
Global Crypto Mining News (May 2 to May 8)
Monday, May 9, 2022
1. Marathon Digital Holdings Reports First Quarter 2022 Results. Revenue increased to $51.7 million, Bitcoin production increased to 1259 bitcoin, GAAP net loss for the quarter totaled $13.0 million.
Monday, May 9, 2022
According to Similarweb, we can find the traffic of each centralized exchange website on May 9. In the past 30 days, the ranking of centralized exchanges is as follows: Binance Coinbase Bybit FTX
Shaping A Community Members Can't Help But Contribute To
Thursday, August 18, 2022
Hey everyone - we're back with another edition of our Concept Thursdays. Over the past year, I've helped dozens of Web3 communities, and I'm often asked for my best advice on getting active
A Serious Debate, GLXY Slashes BitGo, & The Date We've Been Waiting For
Thursday, August 18, 2022
August 17, 2022 | Issue #232 Sponsored By: Coin Snacks MUST READS Galaxy Digital ❌ BitGo What was at one point the largest crypto deal in history and the first to be more than $1 billion seems to now
Wednesday, August 17, 2022
Crypto Daily News - Aug 17, 2022 View on the Web Archives ISSUE 385 August 18th 2022 Crypto News Floki Inu Introduces Treasury Bills To Allow Users To Purchase FLOKI At A Discount Floki Inu reveals in
Mutually Assured Destruction - The Daily Gwei #526
Wednesday, August 17, 2022
If you try to censor us, we will nuke you from orbit.
Weekly Update - Defi and Layer 1 & Layer 2 News (Week 32, 10/08/2022 - 16/08/2022)
Wednesday, August 17, 2022
Acala Network suffered a security breach and aUSD depegged. Curve Finance's website was hacked. Crypto users were hit with a “dust attack” after being sent a small amount of $ETH from Tornado Cash.
Weekly Update - Defi and Layer 1 & Layer 2 News (Week 32, 10/08/2022 - 16/08/2022)
Wednesday, August 17, 2022
Acala Network suffered a security breach and aUSD depegged. Curve Finance's website was hacked. Crypto users were hit with a “dust attack” after being sent a small amount of $ETH from Tornado Cash.
A look at LVMH's Blockchain Consortium....🦍
Wednesday, August 17, 2022
August 17, 2022 The day of fortune is like a harvest day, We must be busy when the corn is ripe. -Torquato Tasso Market Bitcoin $23779.00 -1.28% Live Prices Ethereum $1878.35 -1.47% Live Prices Tether
⚡ I gained over 210 new subscribers with ONE lead magnet. Here's how.
Wednesday, August 17, 2022
#SummerRerun edition
Jose Delbo: From Comic Artist to NFT Comic Creator | Decentralized Arts
Tuesday, August 16, 2022
Dear Bankless Nation, Congratulations to BanklessDAO for the start of Season 5! The DAO has changed a lot since its inception. Many of the initial contributors have stepped down from core roles over
Tuesday, August 16, 2022
Crypto Daily News - Aug 16, 2022 View on the Web Archives ISSUE 384 August 17th 2022 Crypto News Terra Founder Do Kwon Reveals He Was Never Investigated By South Korean Authorities The collapse of the