A forthcoming legislation in South Korea concerning digital assets is expected to have a significant impact on the crypto market in the near future.

According to a recent article by The Korea Times, the country’s first law aimed at protecting virtual asset users is set to come into effect on July 19th. This law will require exchanges to establish internal evaluation units to determine the credibility of the cryptocurrencies they have listed.

The report states that there are currently over 600 crypto assets being traded in South Korea. A representative from a financial regulatory body in the country mentioned that authorities will collaborate with exchanges over the course of the year.

The official stated, “Financial authorities will assist cryptocurrency exchanges in conducting biannual reviews of their listed coins to decide whether to continue supporting the trading of these virtual assets. Following this initial review, exchanges will be obligated to carry out maintenance reviews every three months.”

In addition to this, regulators in the country are reportedly developing guidelines for crypto transactions, with the aim of finalizing and implementing them in July. The Financial Services Commission (FSC) in South Korea is also planning to establish a new bureau dedicated solely to overseeing digital assets.

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