South Korea is set to enforce the Virtual Asset User Protection Act, introducing stricter regulations for cryptocurrency exchanges starting July 19
The Act aims to enhance investor protection and market integrity by establishing clear guidelines for the trading of virtual assets
Exchanges are required to conduct initial and quarterly reviews of all cryptocurrencies listed, assessing their compliance with regulatory standards
Cryptocurrencies that fail to meet the new criteria during these assessments may face delisting, causing concern among investors and triggering panic selling
The legislation could lead to significant changes in the South Korean crypto market, affecting major trading platforms and the availability of numerous altcoins