PANews reported on July 2 that according to Digital Today, 20 crypto exchanges in South Korea and the Digital Asset Exchange Alliance (DAXA) have jointly developed self-regulatory guidelines that outline the best practices for listing and delisting virtual assets. DAXA is an industry organization composed of the five largest cryptocurrency exchanges in South Korea. This 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 Korean crypto exchanges will officially implement these guidelines. In addition, about 1,333 virtual assets currently traded will be re-evaluated within six months from the date of implementation. Between January and June of 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.
