According to Odaily, South Korea's financial authorities are planning to reassess the status of approximately 600 cryptocurrencies traded on domestic exchanges. This rigorous review aims to ensure compliance with the new 'Virtual Asset User Protection Law' that came into effect on July 19.
Recent local media reports suggest that the South Korean government has finalized a best practice plan to support virtual asset trading. The plan outlines strict new requirements for cryptocurrencies to be listed on domestic exchanges. The current system allows exchanges to conduct their internal reviews, but the authorities will establish a more stringent review process as a supplement.
The core focus of the new regulations is on listing screening. Under the current system, exchanges individually review and list cryptocurrencies. However, by implementing the best practice plan, the authorities will establish standards that all listed cryptocurrencies must meet.
A financial authority official explained, 'Exchanges review every six months whether to maintain support for virtual asset trading.' Subsequent reviews will take place every three months.