South Korea Considers Regulating Cryptocurrency Listings

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Last Updated on December 13, 2022 by Bitfinsider

According to a local South Korean news article, financial officials were debating whether businesses should be required to request direct approval from regulators in order to list their cryptocurrencies on regional digital asset exchanges.

As of the time of writing, new token listings were subject to review by South Korean cryptocurrency exchanges. Regulators fear that this method will put investors at greater risk of harm.

The proposed Digital Asset Basic Act in South Korea may contain such a bill. As a result, a comprehensive regulatory framework for digital assets would be established. Regulators differed on the concept, though.

The top four exchanges in the nation delisted WEMIX, the native currency of the local blockchain gaming developer Wemade Co last week. The developer has previously stated the cryptocurrency’s circulation figures incorrectly.

The WEMIX cryptocurrency will be taken off the market in December 2022, according to South Korea’s Digital Asset Exchange Joint Consultative Body (DAXA). According to reports, the Virtual and Crypto assets Exchange Association (JVCEA), a self-regulatory group that monitors regional crypto exchanges and reviews new listings, was trying to streamline the vetting procedure.

The beginning of this procedure is anticipated for late December 2022. Only tokens that have previously been listed in the regional cryptocurrency exchange will be immune from review.

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