South Korea's Digital Asset Exchange Alliance announces self-regulatory guidelines for listing and delisting, and will re-evaluate 1,333 tokens within six months

South Korea's 20 crypto exchanges and the Digital Asset Exchange Alliance (DAXA) jointly formulated the self-regulatory guidelines "Best Practices in Supporting Virtual Asset Transactions", which outlines the best practices for listing and delisting virtual assets.

DAXA is an industry body composed of South Korea's five largest cryptocurrency exchanges. The move is in preparation for the "Virtual Asset User Protection Act" scheduled to be implemented on July 19. Once the bill comes into effect, all South Korean crypto exchanges will formally implement these guidelines. In addition, within six months from the date of implementation of the guidelines, approximately 1,333 virtual assets currently traded will be re-evaluated.

Between January and June this year, DAXA member exchanges delisted a total of 39 cryptocurrencies. Despite the increased scrutiny, the industry does not expect a large-scale one-time delisting.

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