🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

South Korea to Purge Crypto Market: 600 Assets Face Delisting Threat

Published 06/17/2024, 03:40 PM
Updated 06/17/2024, 04:15 PM
South Korea to Purge Crypto Market: 600 Assets Face Delisting Threat

  • South Korea’s new law threatens hundreds of cryptocurrencies with delisting.
  • Exchanges must evaluate assets for reliability, security, and compliance.
  • Regulatory crackdown may impact domestic exchanges and global markets.

South Korea’s cryptocurrency market faces a sweeping regulatory crackdown. Starting in July, approximately 600 virtual assets will be evaluated against new standards, with those failing to comply facing potential delisting.

According to local news sources, financial regulators will detail best practice plans for virtual asset transaction support alongside the implementation of the new Virtual Asset User Protection Act on July 19th. This means crypto exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax must conduct initial reviews and determine which assets remain listed.

An official from the financial authorities stated:

“We will allow virtual asset exchanges to review whether to maintain trading support for virtual asset items that have been trading for six months. Afterward, maintenance reviews will be conducted once every three months. Transaction support will inevitably be suspended for virtual asset items that do not mee…

The post South Korea to Purge Crypto Market: 600 Assets Face Delisting Threat appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.