South Korea’s 20 crypto exchanges and their representative body have collaborated to create a new set of industry standards for local cryptocurrency companies.
These standards, which will go into effect on July 19th alongside the country’s first regulatory framework for crypto investor protection, will involve a reevaluation of the 1,300+ cryptocurrencies currently traded on domestic platforms.
The recently published self-regulatory guidelines will be enforced strictly by the alliance, according to the Digital Asset Exchange Association (DAXA).
This means that all listed cryptocurrencies must meet certain formal and qualitative requirements, such as credibility of the issuer, investor protection measures, security, and compliance, in order to remain on the platforms.
A quarterly review will also be conducted to ensure ongoing compliance.
