The recent collapse of the Terra ecosystem has drawn the attention of regulators worldwide! Finance ministers of the G7 nations are meeting ahead this week and shall be discussing crypto assets on a priority basis.
Reuters quoted the French central bank head Francois Villeroy de Galhau saying this on Tuesday, May 17. While speaking at an emerging market conference in Paris, Villeroy said:
“What happened in the recent past is a wake-up call for the urgent need for global regulation. Europe paved the way with MICA (regulatory framework for crypto-assets), we will probably … discuss these issues among many others at the G7 meeting in Germany this week”.
The recent collapse of TerraUSD (UST) stablecoin wiped out billions of dollars in investors’ wealth within a matter of just one week. Following it, regulators across the globe have been on a high alert.
Regulators Alert After Terra Collapse
South Korea has already initiated a high-level investigation into the matter! A South Korean politician, Yun Chang-Hyun, a representative from South Korea’s ruling People Power Party, has also demanded a parliamentary hearing of Terra founder Do Kwon.
