Over 600 Crypto Assets At Risk Of Delisting After South Korean Regulatory Review: Report
South Korea’s new digital asset bill could reportedly impact a huge amount of cryptocurrency assets in the coming months.
The country’s first virtual asset user protection law is poised to take effect on July 19, according to a new report from The Korea Times.
The law will force exchanges to set up internal rating mechanisms to assess the trustworthiness of listed coins.
According to the Korea Times, more than 600 cryptocurrency assets are currently traded in Korea.
An official from South Korea’s financial regulator told the news outlet that authorities would work with exchanges throughout the year.
“Financial authorities plan to support cryptocurrency exchanges to review whether or not to support virtual asset trading for listed coins every six months. After this initial review, the exchange must conduct maintenance reviews every three months.”
Domestic regulators are also reportedly preparing guidelines for cryptocurrency trading and hope to finalize and implement them in July.
Additionally, South Korea’s financial regulator, the Financial Services Commission (FSC), plans to launch a new department solely dedicated to the supervision of digital assets, The Korea Times reported.
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