South Korea to review 600 cryptocurrencies listed on local exchanges and strengthen scrutiny

Odaily News South Korea’s financial authorities plan to reassess the listing of about 600 cryptocurrencies traded on domestic exchanges. The strict review is intended to ensure compliance with new regulations under the Virtual Asset User Protection Act, which came into effect on July 19. Local media recently reported that the South Korean government has finalized a best practices plan to support virtual asset trading. The plan outlines strict new requirements for listing cryptocurrencies on domestic exchanges. The current system is that exchanges conduct their own internal reviews, and the authorities will establish a stricter review process as a supplement. The core focus of the new regulations is listing screening. Under the current system, exchanges review and list cryptocurrencies individually. However, by implementing the best practices plan, the authorities will establish standards that all listed cryptocurrencies must meet. Exchanges review whether they maintain trading support for virtual assets every six months, explained a source from the financial authorities. Subsequent reviews will be conducted every three months. (BeInCrypto)