South Korea is looking to amp up regulations to prevent unfair trade in the industry. As such, the Financial Services Commission issued instructions to five major crypto exchanges in the country to delist and classify digital assets that have similar properties to that of securities.

The implosion of the once-prominent Terra ecosystem tokens was the first domino to fall in an ensuing series of other high-profile collapses. The subsequent failure of hedge fund Three Arrows Capital (3AC) and a slew of bankrupted exchanges and lenders such as Celsius Network, Voyager Digital, Genesis, and FTX greatly impacted the South Korean market.

As a result, regulators in the country have called for setting up comprehensive crypto regulations to protect investors.