Korean Cryptocurrency Exchange Responds to Rumors of Massive Altcoin Delisting Calls Concerns Excessive Reports

According to Coin World’s report, South Korean cryptocurrency exchanges are attempting to alleviate concerns that the country’s new Digital Asset Law could lead to a widespread delisting of cryptocurrencies. South Korea is set to implement its first Digital Asset User Protection Law on July 19. The legislation will require cryptocurrency exchanges to review their altcoin listings and assess the reliability of coin issuers, user protection measures, and regulatory compliance. Bloomberg, in a new report, states that the country’s cryptocurrency exchanges are now countering the view that the Virtual Asset User Protection Law will affect a large number of coins and impact small digital asset speculative trading. Citing the Digital Asset Exchange Alliance, an industry trade group, Bloomberg says that a mass delisting of crypto assets is unlikely, as the assessment will cover 1,333 coins over six months, although new tokens will be evaluated under the new law once it takes effect. Approximately 10% of South Korea’s population engages with tokens and smaller coins, which constitute the majority of the country’s trading activity. The $40 billion collapse of cryptocurrency company Terraform Labs, behind TerraUSD and Luna tokens, along with the nation’s preference for risky and volatile cryptocurrency investments, is said to be a key driving factor behind the new legislation. Don’t miss a beat—subscribe to get email alerts sent directly to your inbox. Check price action. Follow us on X, Facebook, and Telegram. Surf The Daily Hodl Mix. Image generated: Midway