Odaily Planet Daily News South Korea's financial authorities plan to re-evaluate the listing of about 600 cryptocurrencies traded on domestic exchanges. 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. Local media recently reported that the South Korean government has finalized a best practice plan to support virtual asset trading. The plan outlines 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 online screening. Under the current system, exchanges review and list cryptocurrencies individually. However, by implementing the best practice plan, the authorities will establish standards that all listed cryptocurrencies must meet. A person from the financial authorities explained: "Exchanges review whether trading support for virtual assets is maintained every 6 months." Subsequent reviews will be conducted every three months. (BeInCrypto)