Categories: Exchange

South Korean crypto exchanges may deregister up to 600 altcoins

South Korean crypto exchanges may deregister up to 600 altcoins

South Korea based crypto exchanges are contemplating the deregistration of hordes of altcoins, with financial bodies clamping down on the altcoin space. 

As per the news reports put forth by Daehan Kyungjae, the newly introduced Virtual Asset User Protection Act will be duly implemented soon. The fresh set of rules will be deciding on nullifying 600 coins presently available on online asset exchanges. The regulators mean to address the issue of crypto asset transactions adequately and effectively. 

With the implementation of the new act, fiat KRW trading platforms will be expected to toe the line completely. These will include names such as Upbit, as well as Bithumb, Coinone, Korbit, and Gopax. There will be a further 20 exchanges coming under the gamut, the ones that have not received KRW trade certificates, being allowed only to provide crypto to crypto pairs. 

As per the game plan, the regulators in South Korea, will compel twenty nine platforms to carry out a deep study on their position regarding the deregistration of the 600 altcoins or providing backing for them. Added to that will be the requirement for reviews to be conducted every quarter, with regards to the coins existing on their individual platforms. At all times, all sorts of precautions are to be taken. 

As per the new law, it will be mandatory for every exchange to build a registering and deregistering center that will be responsible for appraising matters related to safety aspects, as well as the dependability factor and adherence to the established rules about the coins their platforms have.

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The issues to be looked into will include social credit, as well as development, divulgement of relevant information, along with clarity and other pertinent matters.

Harsh Chauhan: Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.