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Market Regulation Changes in South Korea! Is Delisting Chaos on the Horizon?
Market Regulation Changes in South Korea! Is Delisting Chaos on the Horizon? Dive into the Details
The leading cryptocurrency exchanges in South Korea are working to reassure the public that the implementation of new regulations will not adversely impact trading involving smaller digital assets.
By:
Utku Yanık
July 2, 2024 – 09:42
Last Updated:
18 mins ago
0
South Korean cryptocurrency exchanges are striving to ease concerns regarding the potential impact of new investor protection regulations on speculative trading involving smaller digital assets in the country.
South Korean Crypto Exchanges Seek to Alleviate Delisting Concerns
As per the Digital Asset Exchange Alliance, a cryptocurrency industry association, these platforms will conduct a review of alternative coin listings to ensure compliance with forthcoming user protection laws effective from July 19.
In a statement released today, the organization disclosed that the assessment will encompass 1,333 cryptocurrencies over the next six months, making abrupt delistings unlikely.
Furthermore, the group specified that moving forward, all new token listings will be subject to evaluation based on the Virtual Asset User Protection law upon its enactment.
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South Korean participation in the cryptocurrency market is so substantial that, at one juncture this year, the South Korean won surpassed the U.S. dollar as the primary currency for trading digital assets.
Roughly 10% of the population engages in token investments, with a significant portion of trading activity revolving around smaller coins rather than the dominant player, Bitcoin.
The crypto market experienced a minor decline two weeks ago following speculations suggesting that South Korean exchanges would need to decrease token holdings under the new regulations, underscoring the issue’s sensitivity for speculators.
Upbit dominates the cryptocurrency trading landscape in South Korea, having intermittently ranked among the top five exchanges globally. Upbit and its competitors are confronted with the prospect of increased costs to comply with the requirements of the digital asset regulations.
*This content does not constitute investment advice.
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