Crypto exchanges have until February 9th to submit their feedback to the regulator.
South Korea is looking to amp up regulations to prevent unfair trade in the industry. As such, the Financial Services Commission issued instructions to five major crypto exchanges in the country to delist and classify digital assets that have similar properties to that of securities.
The implosion of the once-prominent Terra ecosystem tokens was the first domino to fall in an ensuing series of other high-profile collapses. The subsequent failure of hedge fund Three Arrows Capital and a slew of bankrupted exchanges and lenders such as Celsius Network, Voyager Digital, Genesis, and FTX greatly impacted the South Korean market.
As a result, regulators in the country have called for setting up comprehensive crypto regulations to protect investors., the FSC stated that many tokens listed and traded on existing crypto exchanges could be delisted or transferred to securities companies if proper guidelines were issued. The DAXA – a crypto exchange group representing South Korea’s largest firms like Upbit, Bithumb, Coinone, Korbit, and Gopax – will be tasked with collecting the necessary feedback from each company through the transaction support division and delivering them to the regulator. The deadline for submission is February 9th.
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