- UK regulators are inspecting the Terra fallout.
- Regulators are also questioning the market fall in general.
- The examinations came as a start to set new crypto-related rules.
The UK market regulators are paying closer attention to the Terra (LUNA) fall that happened during the market’s latest dip. The dip drove Bitcoin to reach around $26K, and Luna to fall by almost 100%.
Regulators are also taking a close look at the market in general, as they are examining the crypto market to set new rules and develop regulations.
Sarah Pritchard, Executive Director for Markets at the Financial Conduct Authority, commented on the news by saying that the latest market instability in stablecoins “will absolutely need to be taken into account” as they start working to develop and implement new rules for crypto assets later this year.
Pritchard added,
Innovation lasts if it works well, and clearly, we’ve seen the consequences and some of the issues that can arise.
She also said t …