{"id":83327,"date":"2024-07-03T03:05:36","date_gmt":"2024-07-03T07:05:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83327"},"modified":"2024-07-03T03:05:39","modified_gmt":"2024-07-03T07:05:39","slug":"south-korean-crypto-group-mass-token-delistings-unlikely","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korean-crypto-group-mass-token-delistings-unlikely\/","title":{"rendered":"South Korean Crypto Group – Mass Token Delistings Unlikely"},"content":{"rendered":"\n

South Korea's crypto exchanges assure that new digital asset <\/a>rules won't lead to mass token delistings, as 1,333 cryptocurrencies will be reviewed over six months.<\/p>\n\n\n\n

\"South
South Korean Crypto Group – Mass Token Delistings Unlikely<\/figcaption><\/figure>\n\n\n\n

A collective of 20 South Korean crypto exchanges has allayed concerns that the country's new digital asset regulations would necessitate the immediate delisting of a significant number of tokens.

The Digital Asset Exchange Alliance (DAXA) stated in a July 2 statement that the possibility of mass delisting occurring all at once is unlikely, as the exchanges will evaluate a total of 1,333 cryptocurrencies over the next six months as part of the new crypto user protection laws.

As part of the nation's new investor protection regulations that will be implemented on July 19, South Korea's exchanges, including the country's largest exchanges, Bithumb and Upbit, are required to evaluate the cryptocurrencies listed on their platforms.

Following the implementation of the new regulations, DAXA announced that all new token listings will be evaluated in accordance with the Protection of Virtual Asset Users Act.

The industry body stated that it collaborated with the 20 exchanges to develop a best practices guideline that outlines the process for reviewing and terminating support for cryptocurrencies.<\/p>\n\n\n\n

The guidelines delineate the process for evaluating token issuers in terms of regulatory compliance<\/a>, user protection, and reliability.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

According to DAXA, cryptocurrencies traded for more than two years in “eligible overseas virtual asset <\/a>markets with sufficient regulation” will be subject to a more relaxed “alternative screening plan.”

It was stated that research and consultation with exchanges are currently underway to establish a specific list of eligible overseas markets. However, this list will encompass those on the International Organization of Securities Commissions (IOSCO) board.<\/p>\n\n\n\n

South Korea is a significant participant in the global crypto market. The won was the most traded fiat currency pair in the first quarter of the year, with a volume of $456 billion on exchanges, surpassing the $455 billion in U.S. dollar volume.

According to CoinGecko\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Upbit is the largest exchange in the country. It is presently ranked among the top 20 exchanges by daily volume, with $889.3 million traded on its platform in the past 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s crypto exchanges assure that new digital asset rules won’t lead to mass token delistings, as 1,333 cryptocurrencies will be reviewed over six months. A collective of 20 South Korean crypto exchanges has allayed concerns that the country’s new digital asset regulations would necessitate the immediate delisting of a significant number of tokens. The […]<\/p>\n","protected":false},"author":36,"featured_media":83331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20354,20355],"class_list":["post-83327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-group","tag-mass-token"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/south-korea-securities-tokens-exchange_id_1b2d56b1-d45a-44db-ad72-0d0d965c11ab_size900.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83327"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83331"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}