Korean Exchanges Prepare for Evaluation of 600+ Listed Virtual Assets

South Korean cryptocurrency exchanges are gearing up to reevaluate over 600 digital assets. With those failing the process facing eventual delisting. 

This reevaluation is part of the implementation of the Virtual Asset User Protection Act, slated to be enforced from July 19. Exchanges will be conducting regular maintenance reviews every three months after the initial assessments. 

The criteria for review encompass aspects like the issuer’s reputation, user protection measures, security protocols, compliance with regulations, distribution patterns, potential conflicts of interest, and blockchain security for each asset. Notably, decentralized virtual assets like Bitcoin or those issued by decentralized autonomous organizations (DAOs) will undergo alternative reevaluation methods.

Clever Robot News Desk 19^th June 2024