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 that the country’s first law on the protection of virtual asset users will come into effect on July 19.
The law will force exchanges to set up internal evaluation units to assess the reliability of the coins they list.
According to The Korea Times, more than 600 crypto assets are currently traded in the country.
An official at a South Korean financial regulator tells the news outlet that authorities will work with exchanges year-round.
“Financial authorities will support cryptocurrency exchanges to conduct assessments on their listed coins every six months to determine whether they should continue to support trading of the virtual assets. After this initial assessment, the exchanges will be required to conduct maintenance assessments 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 by July.
In addition, South Korea’s financial regulator, the Financial Services Commission (FSC), plans to establish a new agency dedicated solely to the supervision of digital assets, according to The Korea Times.
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