The Digital Assets Committee, the world’s first ministerial-level regulator, will begin work in June, according to Korean newspaper newspim.com. The South Korean government will accelerate the launch of a new cryptocurrency supervisory body in direct response to the UST and LUNA incident.

The committee will work separately from the country’s two main financial regulators, the current Financial Services Committee (FSC) and the Financial Supervisory Authority (FSS). The FSC deals with the industry as a whole and helps shape policy, while the FSS monitors cryptocurrencies.

According to media reports, on May 31, the Government will expand and reorganize the existing branches of government agencies within the Committee on Digital Assets.

“The work of the Digital Assets Committee will begin soon after the new chairman of the Financial Services Commission takes office,” a spokesperson for the ruling party said.

The committee will be one of the first specialized crypto regulatory bodies in the world and will assume responsibility for overseeing the entire industry, although the devolution from the FSC and FIU will occur gradually.