The post Crypto Exchanges South Korea Ready Comply New Regulations appeared on BitcoinEthereumNews.com.

South Korea’s crypto exchanges, led by DAXA, are preparing to comply with new investor protection regulations, which will take effect on July 19. Established cryptocurrencies from recognized overseas markets with robust regulations will benefit from a more lenient screening process. Crypto-related crime is rising in Korea, necessitating new regulations to protect investors and both deter and penalize crime. A consortium of 20 South Korean crypto exchanges, including giants like Bithumb and Upbit, has alleviated concerns over the impact of new digital asset regulations, stating that mass delisting are unlikely.  This comes amidst a rising tide of crypto-related crime in South Korea, prompting the need for enhanced regulations to safeguard investors and combat illicit activities effectively. On Tuesday, South Korea’s 20 crypto exchanges and their representative organization signed a new code of conduct for local crypto firms, necessitating a reevaluation of over 1,300 cryptocurrencies already traded on local exchanges. South Korea Turns A New Leaf On Crypto Exchanges Existing tokens will also undergo reevaluation within the six-month grace period, ensuring compliance with the new standards.  Digital Asset Exchange Alliance (DAXA)  emphasized that the stringent rules aim to curb illegal activities and enhance market integrity, supported by measures such as cold storage for deposits and insurance for user protection.  The industry trade body reassured that the likelihood of widespread delisting remains low, given the exchanges’ proactive adherence to regulatory standards. According to a press release, the newly published self-regulatory rules for industry players will be enforced on July 19, the same day South Korea’s inaugural regulatory framework on crypto investor protection goes into effect. DAXA assured stakeholders that these reviews aim to uphold regulatory standards without causing simultaneous delisting. Digital Asset Exchange Alliance adds, “All new token listings will adhere to the Protection of Virtual Asset Users Act.”  DAXA is outlining guidelines…

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Filed under: News - @ July 4, 2024 12:20 pm