Key Points:
- 5 major Korean exchanges under DAXA have embarked on developing common standards for delisting.
- Common standards will become self-discipline to prevent unhealthy assets and avoid the loss of investors.
- A system for alerting sudden fluctuations in price, trading volume, and deposit amounts for specific commodities is also being developed.
The major Korean exchanges under DAXA have joined hands to establish common standards for delisting. The purpose of the expected standard for tokens to be secure is to avoid losses for investors.
According to Yonhap News Agency, Digital Asset eXchange Alliance (DAXA), formed by five major cryptocurrency exchanges in South Korea, including Upbit, Bitsum, Coinone, Corbit, and Gopax, will develop common standards for grading end support for crypto asset trading (delisting).
DAXA Secretary General Kim announced at the policy seminar “The State and Challenges of Digital Asset Self-Regulation” held in the Digital Assets Small Conference Room.
“This will become a voluntary discipline to prevent unhealthy assets that do not meet the minimum conditions from circulating in the market without restricting the ability of individual practitioners to compete, thereby stopping losing investors. We have prepared detailed assessment categories for each risk, validating these categories by applying them to past problem cases.”
Secretary General Kim said
It is also developing a system that will provide alert notifications in the event of sudden fluctuations in price, trading volume, and deposit amounts for specific commodities.
In addition, DAXA announced that it would implement self-regulatory regulations in digital assets through close consultation with the National Assembly and financial agencies that support and monitor the market. Consultants have primary responsibility for compliance education and monitoring, and a joint self-regulatory plan is being developed.
Before that, in October last year, it was reported that DAXA officially implemented the general guidelines for currency listing consideration on October 10.
On December 7, DAXA’s delisting of the game developer’s native token WEMIX at Wemade sparked a major legal controversy. Although WEMIX has received the delisting result, it also signals that the introduction of standard regulations is necessary.
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