A forthcoming digital asset law in South Korea is anticipated to have a significant impact on a wide range of cryptocurrency assets in the near future. The Korea Times has released a report stating that the country’s initial legislation on protecting virtual asset users is set to go into effect on July 19th.

Under this new law, exchanges will be required to establish internal assessment units to evaluate the credibility of the cryptocurrencies they have listed. Currently, over 600 crypto assets are being traded in South Korea, as reported by The Korea Times.

A spokesperson from a South Korean financial regulatory body informed the news outlet that authorities will collaborate with exchanges throughout the year. The official stated, “Financial authorities will assist cryptocurrency exchanges in conducting biannual reviews of their listed coins to determine whether to continue supporting the trading of virtual assets. Following this initial evaluation, exchanges will be obligated to conduct quarterly maintenance reviews.”

In addition to this, regulators in the country are said to be developing guidelines for crypto transactions, with the aim of finalizing and implementing them in July. Furthermore, The Korea Times reports that the Financial Services Commission (FSC) of South Korea intends to establish a dedicated bureau to oversee digital assets.

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