According to South Korean media, the upcoming implementation of the Virtual Asset User Protection Act has created a wave of panic selling in the cryptocurrency market.
The law kicks in next month and has sparked rumors that some altcoins will potentially be delisted, leading to a drop in prices.
The panic selling was triggered by news that financial authorities will review 600 domestic virtual assets on a quarterly basis in the coming months. Trading of coins that do not meet listing standards will be suspended. This news triggered a 'panic selling', with investors selling assets out of fear, according to analysts.
Today, 16 altcoins were identified as 'stocks with KRW listing and delisting potential in June' on various social media platforms. As a result, nearly half of the coins listed on the KRW market saw their prices drop by 10% to 20%.
However, the South Korean government announced that virtual asset transactions will not be directly supervised. The Virtual Asset Supervision Bureau of the Financial Supervisory Service stated that the relevant information is auxiliary materials to be submitted to the National Assembly when the Virtual Asset Law comes into force. The National Assembly had requested the Financial Supervisory Service to support the establishment of unified listing standards for stock exchanges.
The Bureau added that they participate in the creation of good practices, but announcements will be made by the exchanges and DAXA. He emphasized that financial authorities supervise virtual asset operators and do not directly examine their stocks.
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I EXPLAIN IN DETAIL.
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