- South Korea is preparing to implement new crypto rules.
- The rules will target centralized exchanges.
- Certain digital assets may be exempted from the rules.
South Korean authorities are keen on imposing stringent token listing guidelines on centralized crypto exchanges as early as “next month,” a local media reported on Friday.
The Financial Supervisory Service (FSS) has been working on the new guidelines since the second half of last year when the regulator started gathering opinions from the Digital Asset Exchange Association (DAXA).
South Korea’s Crypto Exchange Listing Rules
According to the report, crypto assets from projects with a history of hacking may not be listed on domestic exchanges unless the causes of previous security incidents are “properly explained” or the damages suffered are recovered.
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Under the guidelines, the FSS may mandate foreign crypto projects to publish whitepapers or technical manuals tailored for the Korean market so that their tokens can be listed on domestic exchanges. However, tokens listed on regulated overseas exchanges for at least two years may not be subject to these provisions.
The guidelines may also require crypto exchanges to delist the cryptocurrencies of projects that fail to comply with disclosure obligations, such as giving the accurate circulation number of their tokens.
The report quoted an official from the FSS saying the contents of the new listing guidelines “have been almost confirmed,” but the tentative schedule of their implementation has not yet been determined.
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In the meantime, the official advised that crypto exchanges should brace for the stricter guidelines “as early as the end of this month, or as late as early next month” if the reporting procedures to the National Assembly are completed.
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