South Korea's financial authorities will reassess the listing of 600 cryptocurrencies on domestic exchanges starting July 19. This review, under the Virtual Asset User Protection Act, aims to ensure compliance with new regulations focusing on issuer reliability, security, and user protection. Coins failing to meet these standards may face delisting. The new guidelines include verifying the cryptocurrency format, issuer reliability, and technology security levels. This overhaul could significantly impact South Korea’s crypto market, potentially leading to a contraction.
Review Start: July 19
Focus: Issuer reliability, security, compliance
Potential Impact: Significant delistings and market contraction
The reassessment aims to enhance user protection and market integrity but may lead to substantial changes in the local crypto market.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.