As a researcher with a background in financial technology and a particular interest in the cryptocurrency market, I find the recent developments in South Korea’s cryptocurrency landscape to be both intriguing and significant. The news that local exchanges are set to reassess the listing status of around 600 digital assets every six months based on factors such as developer team stability, security, and regulatory compliance is a welcome step towards ensuring market transparency and investor protection.
Based on a report published in the Korea Times over the weekend, South Korean cryptocurrency platforms are planning to reevaluate the status of approximately 600 digital currencies currently listed on their exchanges.
During the reassessment, the internal committees of these exchanges are expected to evaluate which digital assets may be at risk for delisting.
Decisions regarding delisting a token may hinge on various considerations, including the health and capabilities of the development team responsible for it, the token’s level of security, and its regulatory compliance status.
Such reassessments will have to be conducted every six months, according to new requirements.
This week, Regulation Asia announced that the South Korean government’s financial regulatory body, the Financial Services Commission (FSC), is planning to establish a new department specifically focused on cryptocurrencies.
The Forest Stewardship Council (FSC) has recently released new instructions concerning non-fungible tokens (NFTs). This action aims to bring regulatory transparency regarding these digital assets.
In the past few days, there has been significant progress in the realm of cryptocurrency trading in South Korea against a backdrop of increased public fascination with digital currencies. According to U.Today’s reports, South Korea’s currency, the Korean won, surpassed the US dollar in crypto trading volume during the first quarter of 2024. Furthermore, politicians from various political parties were actively courting cryptocurrency voters during the recent parliamentary elections.
As a researcher studying the cryptocurrency market during South Korea’s altcoin craze on March 5, I discovered that Upbit, the dominant local crypto exchange, experienced an unprecedented surge in daily trading volume, reaching a staggering $15 billion.
In the previous year, Rhee Chang-yong, the governor of the Bank of Korea, similarly emphasized the importance of issuing a central bank digital currency (CBDC), given the increasing trend towards stablecoins.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- USD COP PREDICTION
- EUR ILS PREDICTION
- USD PHP PREDICTION
- SHI PREDICTION. SHI cryptocurrency
- WELSH PREDICTION. WELSH cryptocurrency
- OOKI PREDICTION. OOKI cryptocurrency
2024-06-16 14:50