South Korean Financial Authorities to Introduce Stricter Guidelines for Crypto Exchange Token Listings
Crypto News – According to a report from news agency News1, South Korean financial authorities are set to unveil new guidelines imposing stricter regulations for token listings on centralized crypto exchanges.
Under the proposed guidelines, tokens issued by projects that have fallen victim to hacking and have yet to address security concerns may be barred from listing on local exchanges. Furthermore, the Financial Services Commission (FSC) in South Korea might require foreign token projects to develop tailored whitepapers for the domestic market in order to secure listings on domestic exchanges. However, tokens already listed on licensed exchanges for over two years may be exempt from these new requirements.
Additionally, exchanges may face requirements to delist cryptocurrencies if their issuers fail to adequately disclose vital information, such as discrepancies between the actual circulation number and the disclosed amount. The South Korean government aims to issue these new guidelines as early as later this month, with consultations currently underway with local exchanges, as per the report.
Despite requests for comment, the FSC, the primary regulatory authority overseeing the local financial sector, has not responded to inquiries from The Block.
South Korea boasts one of the world’s most dynamic cryptocurrency markets. Data provided by The Block reveals that Upbit, South Korea’s largest cryptocurrency exchange, facilitated over $221 billion in spot trading volume in March alone, accounting for nearly 9% of the global spot volume.
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