A forthcoming piece of legislation in South Korea is set to impact a large number of cryptocurrency assets in the coming months, as reported by The Korea Times. This new law, the country’s first aimed at protecting virtual asset users, is scheduled to go into effect on July 19th. Under this law, exchanges will be required to establish internal evaluation units to assess the credibility of the coins they have listed. Currently, more than 600 crypto assets are being traded in South Korea.
An official from a South Korean financial regulator has shared that authorities will collaborate with exchanges over the course of the year. “Financial authorities will assist cryptocurrency exchanges in conducting biannual reviews of their listed coins to determine if they should continue supporting the trading of these virtual assets. Following this initial review, exchanges will need to conduct quarterly maintenance reviews.”
Reports also suggest that regulators in South Korea are developing guidelines for crypto transactions, with the aim of finalizing and implementing them in July. Additionally, The Korea Times reports that the Financial Services Commission (FSC) of South Korea intends to establish a dedicated bureau focused solely on overseeing digital assets.
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