To protect the country’s investors, South Korea’s top five crypto exchanges are forming a joint council to monitor the listing and delisting of cryptocurrencies.
See related article: S. Korea finance regulator to audit Terra and related exchanges
- Upbit, Bithumb, Coinone, Korbit and Gopax, five exchanges authorized to provide cash-to-crypto services in Korea, will form a joint council that will establish token listing standards, and communicate with each other in “unforeseen situations.”
- Beginning in September, the council aims to prepare token delisting standards, a warning system for possibly unsafe assets, and prepare white papers and evaluation reports, an agreement announced in the National Assembly meeting on Monday said.
- In October, the council will prepare a guideline for listing cryptocurrencies and reviewing tokens for any signs of a Ponzi scheme, the exchanges said.
- The exchanges also promised to respond in unison within 24 hours to any crisis like Terra-LUNA.
- Beginning in January 2023, the voluntary council plans to mandate that new crypto investors watch an educational video on digital assets before being allowed to trade.
- According to local media reports, the agreement was prompted by criticism that varying responses from exchanges to the Terra-LUNA crash increased confusion among investors.
See related article: Dunamu denies making US$100 million off of LUNA