South Korea’s New Regulation Will Delist Several Cryptos

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South Korea’s new regulation will lead to the delistation of several cryptocurrencies, which will be out in early June. The upcoming “Best Practices for Compliance with the Virtual Asset User Protection Act” will lead to this delisting. South Korea’s Financial Supervisory Service is drafting guidelines to facilitate self-regulation among crypto exchanges. Key components include standards for virtual asset issuance volume, distribution volume, and transaction support. Measures like the prohibition of listing virtual assets with hacking history will be considered. Korean whitepapers and technical manuals will also be required for overseas virtual assets.