South Korea’s Monetary Authority: Confirmed to include token delisting standards in the Virtual Asset User Protection Act

Golden Finance reported that the Financial Supervisory Service (FSS) of South Korea has confirmed that the delisting standards for tokens will be included in the "Best Practices for Compliance with the Virtual Asset User Protection Act" released in early June. An official from the Financial Supervisory Service said in a call with Bloomberg on Tuesday that the upcoming "Best Practices for Compliance with the Virtual Asset User Protection Act" will include not only the listing standards for virtual assets, but also guidelines on whether to maintain listed virtual asset transactions. The guidelines will provide a basis for cryptocurrency issuers to delist when problems arise. The guidelines will be released in late May to early June. Currently, the Financial Supervisory Service is developing guidelines to support cryptocurrency exchanges in self-regulation before the implementation of the Virtual Asset User Protection Act in July. It is planned to propose best practices that include standards for virtual asset issuance, circulation and trading support, prohibit the listing of virtual assets with a history of hacking attacks, and publish Korean white papers and technical manuals when overseas virtual assets are listed.