South Korean authorities will create an ad hoc Digital Assets Committee after the collapse of the Terra ecosystem. This is reported by local media.

According to the publication, the new structure will be created from the existing Virtual Assets Ad Hoc Committee and will be operational in June. The structure will run until a separate permanent agency is created.

As part of the work, the Committee will set criteria for listing cryptocurrencies, protecting investors, monitoring the market and unfair trading practices, and other tasks.

It was previously known in South Korea that an interdepartmental group of prosecutors and financial regulators would investigate Terra’s collapse.

On May 24, authorities held an emergency meeting in the South Korean National Assembly. Li Changwoo, vice-president of the country’s Financial Supervision Service, announced that companies that provide Terra-related financial services are audited.

Recall that at the end of May, the Seoul Southern District Attorney’s Office is known to have sent a subpoena to Terraform Labs employees.