South Korea Mulls Crypto Listing Guidelines Targeting CEXs

South Korea targets centralized exchanges with new guidelines for listing crypto assets.

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  • 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 โ€œnext month,โ€ 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 Koreaโ€™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 โ€œproperly explainedโ€ 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 โ€œhave been almost confirmed,โ€ but the tentative schedule of their implementation has not yet been determined.

In the meantime, the official advised that crypto exchanges should brace for the stricter guidelines โ€œas early as the end of this month, or as late as early next monthโ€ if the reporting procedures to the National Assembly are completed.

Stay updated on Crypto.comโ€™s app debut in South Korea:
Crypto.com Targets South Korean Retail Traders with App Launch

Read why Binance pulled Bitcoin NFTs:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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