South Korean cryptocurrency exchanges are set to reassess the listing status of approximately 600 cryptocurrencies every six months, evaluating developer team conditions, security levels, and regulatory compliance.
The Financial Services Commission (FSC) plans to establish a dedicated cryptocurrency division and has issued new non-fungible tokens (NFTs) guidelines.
The new division is being established as a temporary organization to create an effective regulatory framework for the virtual asset market.
These developments come amid increased interest in cryptocurrency trading in South Korea, with the Korean won surpassing the U.S. dollar in total crypto trading volume in early 2024.
Local politicians are appealing to cryptocurrency voters, and trading volume on Upbit surged to $15 billion during the altcoin frenzy in March.
The Bank of Korea Governor also emphasized the need for a central bank digital currency (CBDC) due to the popularity of stablecoins.
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