South Korea’s financial authorities plan to re-evaluate the listing of about 600 cryptocurrencies traded on domestic exchanges, according to Odaily Planet Daily. The strict review is intended to ensure compliance with the new regulations of the Virtual Asset User Protection Act, which came into effect on July 19. The South Korean government has finalized a best practices plan to support virtual asset trading, outlining strict new requirements for listing cryptocurrencies on domestic exchanges.
The current system is that exchanges conduct their own internal reviews, and the authorities will establish a stricter review process as a supplement. The core focus of the new regulations is listing screening. Under the current system, exchanges review and list cryptocurrencies individually. However, by implementing the best practice program, the authorities will establish standards that all listed cryptocurrencies must meet.
A financial authority official explained, “Exchanges will review every six months whether they maintain support for virtual asset trading.” Subsequent reviews will be conducted every three months.
