South Korean cryptocurrency exchanges have delisted an estimated 200 crypto coins this year, according to a lawmaker who also says the country’s financial authorities have not prepared appropriate standards for crypto listings and delistings.
Fast facts
- People Party legislator Kwon Eun-hee made the statement in a proposed bill, asserting that 20 virtual asset exchanges in South Korea had delisted an estimated 200 cryptocurrencies in the first half of 2021.
- The bill said exchanges’ “rule-of-thumb” method of listing and delisting crypto was causing increasing social and economic damage to investors, and that financial authorities had not managed to establish proper standards for listings.
- The bill aims to define virtual assets clearly as investment assets so that they can be supervised and self-regulated by the market. It argues that strict government regulations on listing and delisting may “cut the growing buds of start-ups.”