Regulation
Over 600 Crypto Assets at Risk of Delisting After Regulatory Overhaul in South Korea: Report
South Korea’s new digital asset legislation could reportedly impact a huge surge in crypto assets in the coming months.
A new report from the Korea Times indicate The country’s first law on protecting users of virtual goods will take effect on July 19.
The law will force exchanges to set up internal rating units to assess the reliability of listed coins.
According to the Korea Times, more than 600 crypto assets are currently traded in the country.
An official from a South Korean financial regulator told the news outlet that authorities would work with the exchanges throughout the year.
“Financial authorities will support cryptocurrency exchanges to conduct reviews of their listed coins every six months to assess whether to continue supporting virtual asset trading. After this initial review, exchanges will be required to conduct maintenance reviews every three months.”
The country’s regulators are also reportedly working on guidelines for crypto transactions and hope to have them finalized and put into practice in July.
Additionally, South Korea’s financial regulator, the Financial Services Commission (FSC), plans to launch a new office dedicated solely to the oversight of digital assets, according to the Korea Times.
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