Crypto exchanges in South Korea are making efforts to alleviate concerns regarding the potential delisting of cryptocurrencies as a result of the country’s new digital asset law. Scheduled to be implemented on July 19th, South Korea’s inaugural digital asset user protection law will mandate that crypto exchanges conduct assessments on their altcoin offerings. These evaluations will focus on factors such as the credibility of the coins’ issuers, user safety protocols, and adherence to regulatory standards.

According to a recent report by Bloomberg, South Korean crypto exchanges are contesting the notion that the enactment of the Virtual Asset User Protection law will have a significant impact on the availability of coins or the speculation surrounding smaller digital assets. The Digital Asset Exchange Alliance, an industry trade group, has indicated that a mass delisting of crypto assets is improbable. The assessment process will cover 1,333 coins over a six-month period, with all new token listings being reviewed once the law comes into force.

Roughly 10% of South Korea’s population is involved in trading tokens and smaller coins, which represent a substantial portion of the country’s crypto market activity. The introduction of the new legislation is believed to have been prompted by events such as the $40 billion collapse of Terraform Labs, the company responsible for TerraUSD and Luna tokens, as well as the nation’s inclination towards risky and volatile crypto investments.

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