Application of Best Practices for Virtual Asset Trading Support
Evaluation of over 600 listed items at 29 domestic exchanges
Follow-up assessment every three months thereafter
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Bitcoin illustration.,
, ‘ Starting next month, domestic virtual asset exchanges will begin evaluating the listing maintenance of over 600 listed items in trading. For items that do not meet the criteria, they will be designated as precautionary items, and their listings will be delisted.’,
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, ‘According to the virtual asset industry on the 16th, financial authorities will finalize the best practices for supporting virtual asset trading with such contents and plan to apply them to all exchanges alongside the implementation of the Virtual Asset Users Protection Act on the 19th of next month.’,
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, ‘The 29 virtual asset exchanges reported to financial authorities, including Upbit, Bithumb, Coinone, Korbit, and Gopax, must conduct the initial assessment to determine the listing maintenance (trading support) status for all listed items.’,
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, ‘A financial authority official stated, “Virtual asset exchanges will assess the trading support maintenance status of virtual assets traded for the past 6 months and will conduct a maintenance assessment once every 3 months thereafter.” They added, “It is inevitable to discontinue trading support for virtual assets that do not meet the maintenance criteria.”‘,
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, ‘Criteria evaluated by the virtual asset trading support review and decision-making body include the credibility of the issuer, user protection measures, technology security, compliance with regulations, etc. Additionally, assessments consider the capacity and social credibility of parties involved in issuance, operation, and development, as well as the disclosure of important information related to virtual assets, the potential for user participation, transparency of virtual asset operations, total issuance and circulation amount, appropriateness of market capitalization and distribution of virtual assets, potential conflicts of interest with virtual asset holders, potential conflicts of understanding between exchanges and users, presence of security in distributed ledgers and virtual assets, and the risk of concentration in distributed ledgers.’,
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, ‘To prevent issues such as virtual assets like Bitcoin or coins issued by decentralized autonomous organizations (DAO) that do not meet evaluation criteria from becoming difficult to trade in the domestic market, an alternative evaluation method is introduced. Plans include relaxing assessments for virtual assets that meet the criteria for alternative evaluation, such as virtual assets that have been traded normally for over 2 years in appropriate overseas markets with sufficient regulatory systems like the United States, United Kingdom, France, Germany, Japan, Hong Kong, Singapore, India, and Australia.’,
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