South Korean regulator FSC has asked 29 registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax, to regularly evaluate their supported tokens. 📉

Under a new virtual asset user protection law that goes into effect on July 19, all exchanges must review the 600 cryptocurrencies they support.

The new law requires exchanges to have stricter guidelines for listing tokens and review existing tokens every six months. After the initial review, exchanges must conduct maintenance reviews every three months.

The FSC is also working on new regulatory guidelines for cryptocurrency transactions for crypto exchanges, which could come into force next month along with user protection legislation.