South Korea to Release New Guidelines to Tighten Crypto Exchange Listings

South Korea’s financial authorities will issue new guidelines to impose stricter regulations on token listings on CEXs. According to the guidelines, tokens issued by projects that have been hacked and have not yet resolved security issues may be blocked from listing on local trading platforms. In addition, the report states that South Korea’s Financial Services Commission may require foreign token projects to prepare specific white papers for the local market to be listed on domestic trading platforms. However, tokens that have been listed on licensed trading platforms for more than two years may not need to meet these new standards. The guidelines may also require trading platforms to delist cryptocurrencies if the issuers of cryptocurrencies fail to properly disclose necessary information, such as the actual circulation quantity not matching the disclosed amount. It is reported that the South Korean government is collecting opinions from local trading platforms and plans to issue new guidelines as early as later this month.