South Korea's Financial Supervisory Service: Has confirmed the inclusion of token delisting standards in the "Virtual Asset User Protection Act."

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea has confirmed that the token delisting standards will be included in the best practices for compliance with the Virtual Asset User Protection Act, which will be released in early June. An official from the Financial Supervisory Service stated in a call with Bloomberg on Tuesday that the upcoming "Best Practices for Compliance with the Virtual Asset User Protection Act" will not only include listing standards for virtual assets but also guidelines on whether to maintain the trading of listed virtual assets. The guidelines will provide a basis for cryptocurrency issuers to delist in case of issues. The guidelines are expected to be released from late May to early June.

Currently, the Financial Supervisory Service is developing guidelines to support cryptocurrency exchanges in self-regulation before the implementation of the Virtual Asset User Protection Act in July. The plan includes best practices that contain standards for the issuance volume, circulation, and trading support of virtual assets, prohibits the listing of virtual assets with a history of hacking incidents, and requires the release of a Korean white paper and technical manual when listing virtual assets overseas.