Crypto Tokens Face Delisting Nightmare in South Korea

Crypto Tokens Face Delisting Nightmare in South Korea

According to a Sunday report According to the Korea Times, South Korean cryptocurrency exchanges are set to reevaluate the listing status of approximately 600 cryptocurrencies.

According to a Sunday report According to the Korea Times, South Korean cryptocurrency exchanges are set to reevaluate the listing status of approximately 600 cryptocurrencies.

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As part of the re-evaluation process, exchanges are supposed to task their internal decision-making bodies with the task of determining which digital assets could potentially face delisting.

Potential delisting decisions will be made based on factors such as the status of the developer team behind the token, security level, and regulatory compliance.

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These reevaluations must be carried out every six months, according to the new requirements.

Earlier this week, Regulation Asia reported that the Financial Services Commission (FSC), the South Korean government’s main financial regulator, is on track to establish a division dedicated to cryptocurrencies.

The FSC has also issued new guidelines for non-fungible tokens to ensure regulatory clarity.

The recent developments come against a backdrop of increased interest in cryptocurrency trading in South Korea. As reported by U.TodayThe Korean won managed to surpass the US dollar in total cryptocurrency trading volume in the first quarter of 2024. Meanwhile, local politicians from different parties were busy pleasing cryptocurrency voters during the recent parliamentary elections.

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During the peak of South Korea’s altcoin frenzy on March 5, the daily trading volume of Upbit, the local cryptocurrency exchange leader, surged to $15 billion.

Last year, Bank of Korea Governor Rhee Chang-yong also highlighted the need to introduce a central bank digital currency (CBDC) amid the growing popularity of stablecoins.

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