South Korea’s Digital Asset Exchange Alliance (DAXA) has introduced new guidelines for reviewing over 1,300 cryptocurrencies listed on local exchanges. Starting July 19, 2024, these guidelines aim to prevent mass delistings by establishing standardized criteria and processes for transaction support reviews. Developed in collaboration with 20 domestic crypto exchanges, the 'Best Practices for Supporting Digital Asset Transactions' cover review processes, termination procedures, and disclosure requirements. Aligned with the Virtual Asset User Protection Act, the initiative seeks to create a secure and transparent market for investors. The guidelines follow recommendations from financial authorities and emphasize the need for self-regulation within the industry. To address concerns about delistings, exchanges have already implemented the review items. The six-month re-examination period will ensure fair procedures and transparency in transaction support terminations. Criteria focus on issuer reliability, user protection, technology, and compliance with laws. The move aims to enhance investor trust and market integrity in South Korea's crypto industry. Read more AI-generated news on: https://app.chaingpt.org/news