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Crypto Tokens Facing Delisting Nightmare in South Korea

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Sun, 16/06/2024 - 11:39
Crypto Tokens Facing Delisting Nightmare in South Korea
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According to a Sunday report by the Korea Times, South Korean cryptocurrency exchanges are set to reassess the listing status of roughly 600 cryptocurrencies.

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As part of the reevaluation process, the exchanges are supposed to task their in-house decision-making bodies with determining what digital assets could potentially face delistings.

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

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Such reassessments will have to be conducted every six months, according to new requirements. 

Earlier this week, Regulation Asia reported that the Financial Services Commission (FSC), the top financial regulator of the South Korean government, is on track to set up a dedicated division for cryptocurrencies.

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

The recent developments come amid the background of heightened interest in cryptocurrency trading in South Korea. As reported by U.Today, the Korean won managed to surpass the U.S. dollar by total crypto trading volume in the first quarter of 2024. Meanwhile, local politicians from different parties were busy pandering to cryptocurrency voters during the recent parliamentary election.

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During the peak of the South Korean altcoin frenzy that took place on March 5, the daily trading volume of Upbit, the local crypto exchange leader, surged as high as $15 billion.

Last year, Bank of Korea Governor Rhee Chang-yong also stressed the necessity of introducing a central bank digital currency (CBDC) amid the growing popularity of stablecoins.

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