South Korea’s new digital asset regulations may impact multiple cryptocurrencies.

This begins today, July 19, when the country’s first law protecting consumers of virtual assets comes into effect. According to this regulation, exchanges are required to establish internal assessment teams that will evaluate the reliability of the digital currencies they have listed.

The number of different traded cryptocurrencies in South Korea is currently over 600. The Korea Times reports that financial authorities are expected to closely partner with exchanges this year.

A South Korean financial regulator noted that exchanges will review the coins on their platforms twice a year to determine if they still want to support trading with them.

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Additionally, South Korean regulators are preparing guidelines for crypto transactions and hope to have them finalized and enforced by July. Furthermore, the Financial Services Commission (FSC) plans to create a new department dedicated solely to overseeing digital assets.

South Korea’s new regulations on digital assets may affect multiple cryptocurrencies.

Starting from XNUMXth of XNUMX, the country’s first law protecting virtual asset users will come into effect. According to the regulation, exchanges will need to establish an internal evaluation team to assess the reliability of the digital currencies listed.

Currently, South Korea trades over 600 different cryptocurrencies.

The Korea Times reported that financial authorities are expected to work closely with exchanges this year.

An official from the South Korean financial regulatory agency stated that exchanges will undergo biannual reviews of the tokens on their platforms to determine if they still wish to maintain trading of these tokens.

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BMR Research Shows Central Banks Worldwide Show Great Interest in CBDCs

Additionally, South Korean regulatory authorities are preparing cryptocurrency trading guidelines, with the aim to finalize and implement them before July. Furthermore, the Financial Services Commission (FSC) plans to establish a new department specifically responsible for regulating digital assets.