New South Korean digital asset legislation could reportedly impact a huge wave of crypto assets in the coming months.

A new report from The Korea Times indicates the country’s first law on virtual asset user protection is primed to take effect on July 19th.

The law will force exchanges to set up internal evaluation units to assess the reliability of the coins they’ve listed.

More than 600 crypto assets are currently being traded in the country, according to The Korea Times.

An official at a South Korean financial regulator tells the news outlet that the authorities will work with exchanges throughout the year.

“Financial authorities will support cryptocurrency exchanges to conduct reviews on their listed coins every six months regarding whether to continue supporting the trading of the virtual assets. After this initial review, the exchanges will be required to conduct maintenance reviews every three months.”

Regulators in the country are also reportedly working on guidelines for crypto transactions and hope to have them finalized and put into practice in July.

Additionally, South Korea’s financial regulator, the Financial Services Commission (FSC), plans to launch a new bureau solely devoted to overseeing digital assets, according to The Korea Times.

Source : The Daily Hodl - Jun 18, 2024