In accordance with a Sunday report by the Korea Instances, South Korean cryptocurrency exchanges are set to reassess the itemizing standing of roughly 600 cryptocurrencies.
As a part of the reevaluation course of, the exchanges are presupposed to activity their in-house decision-making our bodies with figuring out what digital property might probably face delistings.
Potential delisting selections will likely be made primarily based on such components because the state of the developer staff behind the token, the extent of safety in addition to regulatory compliance.
Such reassessments must be carried out each six months, in accordance with new necessities.
Earlier this week, Regulation Asia reported that the Monetary Providers Fee (FSC), the highest monetary regulator of the South Korean authorities, is on monitor to arrange a devoted division for cryptocurrencies.
The FSC has additionally issued new pointers for non-fungible tokens with a purpose to guarantee regulatory readability.
The latest developments come amid the background of heightened curiosity in cryptocurrency buying and selling in South Korea. As reported by U.At this time, the Korean gained managed to surpass the U.S. greenback by whole crypto buying and selling quantity within the first quarter of 2024. In the meantime, native politicians from completely different events have been busy pandering to cryptocurrency voters in the course of the latest parliamentary election.
In the course of the peak of the South Korean altcoin frenzy that came about on March 5, the every day buying and selling quantity of Upbit, the native crypto change chief, surged as excessive as $15 billion.
Final 12 months, Financial institution of Korea Governor Rhee Chang-yong additionally careworn the need of introducing a central financial institution digital forex (CBDC) amid the rising reputation of stablecoins.