South Korea will review over 600 cryptocurrency listings on domestic exchanges in July, following the new Virtual Asset User Protection Act. Financial regulators will finalize practices for crypto listings, set to start on July 19, affecting exchanges like Upbit, Bithumb, and Coinone.
This law marks a significant step in crypto regulation, requiring exchanges to form review committees for evaluating the reliability, security, and compliance of tokens. Tokens from DAOs might not meet the standards, while those traded for over two years in regulated markets will face less strict reviews.
Quarterly reviews will follow, with problematic tokens potentially delisted. Exchanges have six months to reassess existing listings, followed by maintenance reviews every three months. This comprehensive framework aims to enhance user protection and ensure market integrity.
The strategic importance lies in fostering a transparent and secure crypto market, aligning South Korea with global regulatory standards.
