According to a local news source, South Korean authorities headquartered cryptocurrency It is stated that they plan to implement strict token listing rules for their exchanges as soon as “next month”.
The Financial Supervisory Service (FSS) has been developing these new guidelines since the second half of last year, during which time the regulator began soliciting feedback from the Digital Asset Exchange Association (DAXA).
According to the details of the news, crypto assets associated with projects with a history of security breaches may be removed from local exchanges unless full disclosures are made about past events or compensation for losses is made.
Under these guidelines, which will be published in the coming days, the Financial Supervisory Service (FSS) may force foreign crypto projects to submit whitepapers or documentation specifically tailored for the Korean market. However, tokens that have been listed on regulated offshore exchanges for at least two years may be exempt from these requirements.
However, cryptocurrency exchanges may be forced to delist cryptocurrencies from projects that do not accurately report the circulation numbers of their tokens.
While the details of the new listing guidelines are reportedly almost finalized, an exact timeline for their implementation remains unclear. However, an FSS official warned that crypto exchanges should be prepared for these changes.
