20 South Korean cryptocurrency exchanges have allayed fears that the country's new digital asset rules will lead to many tokens being delisted simultaneously. Exchanges will review a total of 1,333 cryptocurrencies over the next six months under new crypto user protection laws, meaning "mass delisting is unlikely," the Digital Asset Exchange Alliance (DAXA) said in a statement on July 2.

South Korea's exchanges, including Bithumb and Upbit, the country's largest, must review cryptocurrencies listed on their platforms under new investor protection laws that will come into effect on July 19. DAXA stated that following the implementation of the new rules, all new token listings will be evaluated in accordance with the Act for the Protection of Virtual Asset Users.

DAXA stated that it has created a best practice guide with 20 exchanges and that this guide will explain how they will review and end support for cryptocurrencies. The guide explains how to evaluate token issuers for trustworthiness, user protection and regulatory compliance.

DAXA stated that a more relaxed "alternative screening scheme" will be implemented for cryptocurrencies traded for more than two years in "appropriate overseas virtual asset markets with adequate regulation." He added that research and consultation had been carried out with stock exchanges to create a specific list of suitable overseas markets, but that it would include those on the board of directors of the International Organization of Securities Commissions (IOSCO).

South Korea is a major player in global crypto markets. Its currency, the won, was the most traded fiat currency pair in the first quarter of the year – seeing $456 billion in volume on exchanges, outpacing the $455 billion in US dollar volume. Upbit is the largest exchange in the country, with 889 on its platform in the last 24 hours, according to CoinGecko.$3 million worth of transactions were made and it is among the top 20 exchanges by daily volume.#Cryptocurrency#SouthKorea #DigitalAsset