According to YNA, the top five South Korean crypto exchanges will launch a joint consultative body for decision-making.
The consultative body includes Upbit, Bithumb, CoinOne, Cobit, and Gopax and will start working in the second half of 2022.
The body will include CEOs of all the give exchanges and divided into three sectors:
- Transaction Support,
- Market Surveillance,
- Compliance Monitoring
All the three sectors will have relevant working staff and gather expert opinions through seminars and overseas case studies.
The collective as a whole works towards establishing common screening criteria related to trading support (listing) and “Restoring the Fairness of the Virtual Asset Market and Protecting Investors” by establishing and improving the standards within the domain.
Thus a common decision criteria to delist certain cryptocurrencies, money laundering assessment, issuance beyond disclosure, sudden fluctuation in the circulation volume or price, etc.will be made.
The formation of the body was announced on June 13 at a party-government meeting held at the National Assembly of South Korea. The collective also laid out its road map for the rest of 2022.
From July, advertising crypto-related products in South Korea will require an investment warning.
The consultation body will establish a crypto alarm system and delisting criteria by September. It will also provide crypto evaluation and white papers.
The consultation body, primarily formed to prevent another incident like the Terra (UST) crash, will also take a decision on pausing cryptocurrency deposits and withdrawals in case of another such incident.
Guidelines for listing audits will be established by October while also introducing crypto risk assessment.
By January 2023, new crypto investors will be brought on board to complete relevant educational videos and tighten protection.