South Korea Regulates Token Listings to Prevent Cryptocurrency Scams! Here are the Details

South Korea is taking steps to regulate token listings on centralized crypto exchanges in an effort to curb cryptocurrency scams. The country’s financial authorities are set to introduce guidelines that will prevent tokens issued by projects that have been hacked and have not resolved their vulnerabilities from being listed on local exchanges. Additionally, the Financial Services Commission (FSC) may require foreign token projects to create white papers specifically tailored for the South Korean market in order to secure their listing on local exchanges. However, tokens that have already been listed on licensed exchanges for more than two years may be exempt from these criteria. The guidelines will also aim to promote transparency and protect investors by requiring exchanges to remove cryptocurrencies from their platforms if issuers fail to disclose key information or if actual circulation figures differ from declared amounts. South Korea has a thriving cryptocurrency market, with Upbit, the largest cryptocurrency exchange in the country, accounting for approximately 9% of the global spot volume in March. It is important to note that this information is not investment advice.