South Korea Will Review 1,333 Tokens Starting July 19!

Bittime - South Korea continues to strengthen regulation and supervision of virtual assets starting July 19. The move is part of the country's efforts to protect virtual asset users and ensure stability in the growing crypto market.

South Korea Reviews 1,333 Tokens

According to reports from foreign media, 20 virtual asset exchanges in South Korea, together with the Digital Asset Exchange Alliance (DAXA), have formulated self-regulatory norms called "Best Practices in Supporting Virtual Asset Transactions" to support the implementation of the User Protection Law Virtual Assets.

Within this framework, 1,333 virtual assets that had been supported for trading until the end of last year will be reviewed within a period of six months from the implementation date. This review aims to ensure that all virtual assets traded in South Korea comply with the compliance and security standards set by the regulator.

DAXA, which consists of five major exchanges in South Korea, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, has played an active role in setting this standard. From January to June this year, the five major exchanges have stopped support for 39 virtual asset transactions.

The Main Objective of the Review Conducted by South Korea

The main goal of this review is to ensure that virtual assets traded in South Korea are safe and comply with strict regulations. This includes ensuring that exchanges have adequate risk management systems, comply with anti-money laundering rules, and protect user interests in a transparent and fair manner.

In recent years, South Korea has taken significant steps to tighten supervision of the virtual asset market. This includes implementing stricter KYC (Know Your Customer) and AML (Anti-Money Laundering) policies as well as increasing cooperation with international regulators to prevent fraud and other illegal activities in the crypto market.

Industry Reaction and the Future of Virtual Assets in South Korea

Industry reaction to the review has been largely positive, with many market participants seeing it as an important step towards increasing transparency and security in the virtual assets market. A DAXA spokesperson stated that these new norms will help build confidence among users and investors, as well as encourage more sustainable growth in the sector.

Although there are some concerns regarding the possibility of delisting, the industry believes that the steps taken by DAXA and other regulators will help minimize this risk. Many market players are also optimistic that this review will pave the way for further innovation and wider adoption of virtual assets in South Korea.

South Korean Government Support

The South Korean government has demonstrated a strong commitment to supporting the development of the virtual asset market in a safe and orderly manner. Apart from the token review and implementation of new norms, the government is also considering a number of other regulatory measures to strengthen the legal framework in the sector.

In the coming months, it is expected that more initiatives and policies will be announced to support the growth of the virtual asset ecosystem in South Korea. This includes support for blockchain technology, increased international cooperation, and educational initiatives to increase public awareness and understanding of virtual assets.

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You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

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