South Korean stock exchanges will be forced to introduce uniform listing standards
The South Korean authorities will force cryptocurrency exchanges to be stricter about the listing of cryptocurrencies in order to avoid another collapse, as in the case of Terra (Luna).
The implementation of strict listing rules will limit investor access to many new cryptocurrencies. However, this, according to the National Assembly of the country, will benefit the financial industry. This was reported by the authorities to the heads of the largest exchanges operating in South Korea.
In response to the new demands from the authorities, an Upbit spokesperson noted that this would not solve the problem. According to him, many South Koreans trade on foreign exchanges, and it will not be possible to provide 100% protection when working with high-risk assets.
Despite this, the representative of the FSC regulator noted that the commission, together with the Ministry of Justice, the prosecutor's office and the police, will monitor the work of cryptocurrency exchanges in order to stop criminal acts and protect the rights and interests of investors.
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