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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
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  • 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.

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