According to PANews, all virtual asset exchanges in South Korea are jointly participating in the development of a 'Self-Regulation Support Plan for Virtual Asset Trading'. This marks a significant shift in the self-regulatory model of cryptocurrency exchanges. Previously dominated by five major Korean Won market exchanges, self-regulation is now being extended to all exchanges to jointly establish self-regulatory norms. The plan is being driven by the Digital Asset Exchange Alliance (DAXA) of South Korea, with the aim of establishing self-regulatory guidelines for virtual asset trading through joint consultation. The 'General Guidelines for Virtual Asset Trading Support Review' already released by DAXA forms the basis of the new plan, and opinions from various exchanges are being widely collected for refinement.
The collaboration involves not only the five major Korean Won market exchanges but also about 20 cryptocurrency market exchanges. This is the first comprehensive collaboration between virtual asset exchanges to establish a self-regulatory mechanism. The country's financial regulatory authority is also actively participating, providing advisory support, and requiring exchanges to strengthen the review and supervision of listed assets.
Industry insiders are actively working to upgrade the existing guidelines and strengthen related regulatory content. The new self-regulatory plan is expected to be announced around the implementation of the 'Virtual Asset User Protection Law' on July 19.