Happycoin.club - Due to the panic that arose in the digital asset market in South Korea, the rate of many cryptocurrencies collapsed by 10-20% in a week.
Local traders and investors are rushing to get rid of various virtual currencies, fearing stricter legislation. The fears stemmed from false news that in July 2024 the government would evaluate 600 cryptocurrencies listed on Korean exchanges and suspend trading of coins that do not meet certain standards.
Officials from the Financial Conduct Authority denied this information, saying: “Authorities regulating the financial industry will not analyze digital assets, but will examine the activities of cryptocurrency companies.”
But there is no smoke without fire, and the fears of South Korean members of the crypto community did not arise out of nowhere. New controls over the crypto industry will come into effect next month, so the 29 crypto exchanges registered in South Korea will have to regularly evaluate virtual currencies added to their platforms and delist defective tokens and coins.
The list of criteria that serve as grounds for stopping trading in digital assets included, among others, hackers and violations of circulation rules.
