#Binance #ScamRiskWarning #SouthKorea #Bitcoin #SEC
New South Korean digital asset legislation could reportedly impact a huge wave of cryptocurrency assets in the coming months.
A new report from The Korea Times indicates that the country's first law to protect virtual asset users will go into effect on July 19.
The law would force exchanges to create internal evaluation units to evaluate the reliability of the coins they list.
According to The Korea Times, there are currently more than 600 crypto assets traded in the country.
A representative of the South Korean financial regulator told the publication that the authorities will work with exchanges throughout the year.
“Financial authorities will support cryptocurrency exchanges to conduct reviews of their listed coins every six months to determine whether they should continue to support trading of virtual assets. After this initial review, exchanges will be required to conduct reviews every three months.”
Regulators in the country are also reportedly working on guidelines for cryptocurrency transactions and hope to have them finalized and put into practice in July.
In addition, according to The Korea Times, South Korea's financial regulator, the Financial Services Commission (FSC), plans to create a new bureau dedicated exclusively to the supervision of digital assets.
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