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South Korea’s new regulation will remove several cryptocurrencies from the list

South Korea’s new regulation will lead to the withdrawal of several cryptocurrencies, which will take place in early June. The upcoming “Virtual Resource User Protection Act Compliance Best Practices” will lead to this removal from the list. South Korea’s Financial Supervisory Service is developing guidelines to facilitate self-regulation among cryptocurrency exchanges. Key elements include standards for virtual asset issuance volume, distribution volume and transaction processing. Measures such as prohibiting the listing of virtual assets with a history of intrusion will be considered. For overseas virtual assets, Korean white papers and technical manuals will also be required.