The Korea Institute of Virtual Asset Valuation, launched last month, is set to release its first report in July 15, evaluating 10 domestic cryptocurrencies. The new non-profit organization is aiming to provide information to help protect investors from buying crypto coins based on misleading disclosures.
Fast facts
- At the end of every month, 10 domestic cryptocurrencies will be evaluated on a 10-point scale that scores the token and its issuer’s problem solving strategies, promotional strategies, business management, technology, practicality and potential.
- Around 60 professors have volunteered to participate in the project, and each must sign a security agreement stipulating that any member who has a conflict of interest will bear civil and criminal liability.
- Currently, public data disclosure platform Xangle is the country’s sole provider of crypto ratings. However, the reliability of Xangle’s ratings has been called into question following the leak of a contract suggesting that it may have acted as a de facto broker between alt-coin issuers and crypto exchanges.
- Park Jae-kyung, a founder of KIVAV, told Forkast.News: “[Xangle’s] ratings of cryptocurrencies are heavily influenced by the token issuers. In other words, they rate as much as they are getting paid from the companies.” He said that as a non-profit organization, “[KIVAV’s] philosophy is to have objectivity and fairness in evaluating cryptocurrencies, as the Michelin guide does for food.”