Crypto Tokens Facing Delisting Nightmare in South Korea

Crypto tokens in South Korea are facing the nightmare of potential delistings as exchanges reassess the listing status of around 600 cryptocurrencies. These exchanges will be evaluating factors such as the developer team behind the token, security levels, and regulatory compliance to make their delisting decisions. The reassessments will now be required every six months. The Financial Services Commission (FSC), the top financial regulator in South Korea, is also taking steps to establish a dedicated division for cryptocurrencies and has issued new guidelines for non-fungible tokens to ensure regulatory clarity. This comes at a time of increased interest in cryptocurrency trading in South Korea, with the Korean won surpassing the US dollar in total crypto trading volume. During the altcoin frenzy in March, Upbit, the leading local crypto exchange, saw daily trading volume soar to $15 billion. Furthermore, there have been discussions about the introduction of a central bank digital currency (CBDC) in response to the growing popularity of stablecoins.