Major market movements can be seen for tokens listed on Upbit in South Korea, the largest South Korean exchange by trading volume.
South Korea’s largest cryptocurrency exchange released its token listing procedure Friday, in response to government pressure following the collapse and subsequent recovery of Terra stablecoin.
Token listing procedure requires transparency
The listing procedure includes transparency of the project, support for transactions, and fair participation by investors. The following criteria can be used to delist the project: violation of laws, discovery or technological vulnerability, abandonment of the plan, and protection of users.
The Seoul-based exchange issues a notice 10 business days before delisting, except for emergency situations.
Upbit, the country’s biggest crypto exchange by trading volume is what has an impact on price movements.
CoinDesk was informed by a senior executive from the exchange that cryptocurrency is no different to products found in grocery stores or departmental stores. He said that customers have many options. “While not everyone can afford to buy carrots or peas, desserts are in high demand.”
He called Korea’s current framework for cryptocurrency regulation “a copy market” that does not recognize their differences.
He said that some coins, such as meme coins, “simply don’t fit neatly into any set of categories made to secure securities or other commodities.
He stated that “most cases, local regulations will be against a market’s competitiveness.”
Five exchanges in the country left the Korea Blockchain Association in June to form the Digital Asset Exchange Joint Council.
Upbit will play a major role in this self-regulatory organisation, which plans for policy proposals to be submitted to the government.
Upbit, like other exchanges has been affected by market declines with revenue falling by 70% in Q2.