South Korea is set to take a major step forward in its crypto regulation framework. Starting July 2024, cryptocurrency exchanges in the country will be allowed to list and sell digital assets directly—without going through lengthy approval procedures. This move comes as part of the country’s new “Virtual Asset User Protection Act,” which aims to balance investor safety with innovation.
Under the updated rules, local exchanges like Upbit and Bithumb will have the authority to evaluate and list new cryptocurrencies on their own, as long as they meet specific security and reliability standards. However, the coins must be listed on at least one overseas exchange for more than two years to qualify.
The Financial Supervisory Service (FSS) clarified that this framework will help streamline the listing process while minimizing risk. Coins linked to privacy, high volatility, or technical issues will still face strict scrutiny.
With this regulatory shift, South Korea aims to position itself as a more crypto-friendly nation while protecting investors from fraud and market manipulation.
