South Korean Crypto Exchanges Establish Self-Regulatory Guidelines

According to PANews, 20 South Korean cryptocurrency exchanges, in collaboration with the Digital Asset Exchange Alliance (DAXA), have established self-regulatory guidelines outlining best practices for listing and delisting virtual assets. DAXA is an industry body composed of five major South Korean cryptocurrency exchanges. This move is in preparation for the 'Virtual Asset User Protection Act' set to be implemented on July 19.

Once the act comes into effect, all South Korean cryptocurrency exchanges will officially enforce these guidelines. Furthermore, within six months from the date of implementation, approximately 1333 virtual assets currently being traded will be reassessed. Between January and June this year, DAXA member exchanges delisted 39 cryptocurrencies. Despite the increased scrutiny, industry insiders do not anticipate a large-scale, one-time delisting event.