As of July 19, 2024, the Digital Asset Exchange Alliance (DAXA) will begin implementing strict guidelines to evaluate more than 1,300 cryptocurrencies listed on South Korean exchanges. These guidelines were developed in collaboration with 20 domestic crypto exchanges and aim to bring standardization to review processes, termination procedures and disclosure requirements.
Addressing Investor Concerns
Under the new framework titled "Best Practices for Supporting Digital Asset Transactions", DAXA, together with financial authorities such as South Korea's Financial Services Commission and Financial Supervisory Service, will introduce standardized review processes for supported assets. The aim of this framework is to create a safer and more transparent market for investors, in line with the regulations of the Investor Protection Act.
This initiative reflects a broad step taken by South Korea's legislatures, particularly the National Assembly, to establish a self-regulatory framework in the cryptocurrency sector. Since October 2022, a dedicated working group of stakeholders, academics, and legal experts has meticulously refined these guidelines based on extensive feedback.
Reducing Fears of Mass Delisting
The cryptocurrency market in South Korea has previously witnessed self-regulation proposals such as the Korean Blockchain Association, which have faced limitations due to low participation and implementation capabilities. However, current best practices include comprehensive measures, including internal control improvements at exchanges, the development of Korean white papers for cryptos, and detailed disclosure methods.
One of the biggest concerns among domestic investors is the delisting of the crypto assets they invest in. Considering that altcoins account for more than 60% of trading volume in the South Korean market, new regulations could lead to significant changes. However, DAXA assured investors that mass delistings are unlikely, stating that major domestic exchanges, exchanges that support Korean Won (KRW) deposits and withdrawals, have already started to preemptively implement these best practices from the end of 2023. These exchanges have already ended support for 39 cryptocurrencies in the first half of the year.
The revised review process includes a six-month re-evaluation period to prevent unfair delistings. During this period, exchanges will systematically contact coin issuing foundations or public disclosure organizations to collect the necessary information. Adequate time will be provided for explanations and procedures, and transparency will be increased through announcements on each exchange's homepage.
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