Koreas top 5 crypto exchanges to apply voluntary regulations for digital coin listing

[Graphics by Song Ji-yoon]

South Koreas cryptocurrency exchange majors will unveil a set of voluntary regulations on coin listing and delisting to fend off market calamities like the crash of Luna and Terra stablecoins.

The countrys top five crypto exchanges – Upbit, Bithumb, Coineone, Korbit, and Gopax – are due to release the draft of their self-regulations on Monday during a meeting with Korean financial authorities and lawmakers to discuss ways to restore the order in digital asset market and protect investors.

The self-regulation package will likely include evaluation of listed digital coins every six months and the review of listing and delisting cases, according to Rep. Yoon Chang-hyun of the Peoples Power Party who chairs the National Assemblys virtual assets team.

The cryptocurrency market players aim to build a system that can prevent the repeat of any market disorder like the one caused by the sudden crash of Terra and Luna, the sister stablecoins, in early May.

The Korea Digital Asset Service Provider Association last Thursday said it will cooperate with crypto exchanges on setting up guidelines and rules per their proposal.

By Pulse

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