South Korea Tightens Grip on Digital Asset Trading
South Korea is stepping up its regulation of digital asset trading in response to concerns about the behaviour of some crypto operators. Last June, local cryptocurrency exchanges formed the Digital Asset Exchange Alliance (DAXA) after some investors were hit by the $40bn collapse in May of the terraUSD and luna coins developed by South Korean crypto king Do Kwon. DAXA then delisted Wemix tokens issued by game developer Wemade after it expanded their distribution beyond what was promised. Yulchon, a Seoul-based law firm, represented Bithumb in a legal case against Wemade, which was eventually resolved in February.