- South Korean Financial Service Commission orders crypto exchanges to delist currencies.
- The DAXA firm is scheduled to collect feedback by February 9.
- South Korean investors are excitedly awaiting the outcome of the exchanges.
A recent revelation states that South Korea’s Financial Service Commission ordered five prominent South Korean crypto exchanges to withdraw and categorize virtual assets with securities properties.
Further assertions declare that the deadline for these cryptocurrency exchanges to provide their feedback has been set for Feb. 9, 2023. According to reports, the goal of a virtual asset with a security nature is security in the form of a token rather than a token in the form of security, regardless of the issuance format.
The Financial Service Commission allegedly took this step to further protect South Korean investors by strengthening existing laws for virtual assets. This is consistent with the current trend of governments worldwide acting to regulate the cryptocurrency market and curb possible fraud and misuse.
In addition, if the recommendations are implemented, many tokens already classified and exchanged on existing virtual asset exchanges would likely be blacklisted or relocated to securities companies.
South Korean media said:
If the guidelines are realized, there is a high possibility that many of the tokens that were listed and traded on existing virtual asset exchanges will be delisted or transferred to securities companies.
As a result of the report, investors in the nation are paying close attention to the scenario and are waiting eagerly for the results of the exchanges. The outcome of this event may have far-reaching consequences for the cryptocurrency market in South Korea and the industry as a whole.
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