Bittime - Ahead of a South Korean token inspection that could potentially trigger an altcoin downturn. Altcoin holders are of course anxious.
The crypto situation in South Korea is indeed in chaos until there is talk of an inspection of South Korean tokens.
South Korean Token Inspection Follows New Regulations
The South Korean crypto market is in chaos. The implementation of the Virtual Asset User Protection Law scheduled for next month makes investors anxious and nervous.
This new law has triggered a massive sell-off in altcoins, causing a significant drop in prices.
This panic stemmed from the announcement that around 600 tokens would be reviewed by exchanges after the law took effect.
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Many investors are concerned that their tokens may not meet the new criteria and could be delisted from exchanges, causing huge losses.
However, it is important to note that the South Korean government emphasized that it was not directly involved in this review process.
The government only provides a regulatory framework, while review and adjustment decisions will be made by each exchange.
Nonetheless, the uncertainty brought about by this new law has been enough to cause anxiety and a massive sell-off among crypto investors in South Korea.
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South Korean Exchange Throws Out 600 Tokens
The crypto market in South Korea is volatile. On June 18, the crypto community panicked over the listing of altcoins that might be delisted from exchanges.
A total of sixteen altcoins were named as potential candidates for delisting, causing their prices to drop 10 to 20 percent on Upbit, according to reports.
Starting next month, financial authorities will review 600 domestic crypto tokens every three months.
Tokens that do not meet record keeping standards may be suspended from trading. New listing review requirements are divided into formal and qualitative categories.
Formal requirements include the reliability of the issuing entity, user protection measures, technological security, and legal compliance.
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Qualitative requirements consider factors such as total publishing volume, distribution plans, and changes to business plans.
Despite the panic, South Korean financial authorities have explained their role. They emphasized that they were not directly involved in the review process.
The Virtual Asset Monitoring Bureau of the Financial Supervisory Service provides information to the National Assembly to help establish unified exchange listing standards.
However, it is the exchange that will actually carry out the review, not the government.
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South Korean Exchange Seeks to Calm Community
The exchange tried to calm the market by explaining that the implementation of this new law would not lead to sudden and widespread delisting.
Listing maintenance standards have existed before, and the upcoming review is part of South Korea's efforts to unify these standards across all exchanges.
According to officials from the Korean Won Exchange, best practices for transaction support are still in progress.
The official emphasized that the new standards are not much different from previous ones and that the review is a routine part of maintaining market integrity.
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He added:
“This is nothing new. This is just an update of the transaction maintenance review. The possibility of mass delisting is very small.”
The official also pointed out that similar potential delisting lists have circulated in the past, often focusing on Kimchi coins that have high domestic trade volumes .
These lists are usually based on unfounded speculation and not concrete evidence.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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