South Korea’s leading cryptocurrency exchanges are actively addressing concerns over potential disruptions to speculative trading in small digital assets posed by new regulations aimed at investor protection. These efforts come as the country prepares to implement a new Consumer Protection Act for digital applications on XNUMX, XIX.
The Digital Asset Exchange Union announced that exchanges will conduct thorough reviews of listings of altcoins to ensure compliance with impending regulations. The assessment, covering 1,333 tokens within six months, aims to reassure investors with expectations of minimal immediate delistings.
The union underscored that future token listings will be subject to review under the Digital Assets Consumer Protection Act once enacted.
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South Korea plays a significant role in the global cryptocurrency market, with the Korean Won briefly surpassing the US Dollar as the most used currency in digital asset transactions this year. Approximately 10% of the South Korean population invests in cryptocurrencies, with a preference for smaller tokens like Bitcoin.
Upbit, currently among the world’s top five exchanges, dominates the cryptocurrency trading landscape in South Korea. Upbit and its competitors face challenges in meeting the increased costs required to comply with new digital asset code requirements. These exchanges are committed to balancing regulatory compliance with maintaining a stable trading environment for small digital assets.
