The authorities of the financial sector are in South Korea are now debating about the possibility of requiring companies to seek approvals directly from the regulatory authorities to allow inclusion on their digital assets. According to reports, they’re considering permitting firms to have their crypto assets listed on native exchanges by obtaining authorization directly issued by the regulators.
The authorities are in South Korea Consider Crypto Listings”Regulation in the wake of WEMIX Delisting
In the present, cryptocurrency exchanges are the sole ones accountable for reviewing the most recent listings of tokens across South Korea. South Korean jurisdiction. This is currently being considered by authorities as a method that could increase the risk and losses that could be caused to investors according to local media. Directories might propose a bill which would form a element of the next Digital Asset Basic Act of the nation.
The act in question is an all-encompassing regulatory agenda designed to protect digital assets. There is however some disagreement between the regulators regarding the issue, as reported by The Herald Business (a news outlet). The most recent developments in South Korea are business-related following an announcement of delisting by the four major exchange companies in South Korea in the previous week.
The exchanges also have removed their respective tokens WEMIX (the locally-owned token issued by Wemade Co. – a blockchain game developer operating in South Korea. South Korean jurisdiction). The main reason given as the reason for this was the developer did not accurately report the circulation numbers of its crypto token.
Following that an appeals court in the state of New York backed the decision made by the platforms that had delisted the above-mentioned token. It also rejected the appeal from Wemade to revoke the token’s delisting.
The 7th of December, the verdict was handed down in the Seoul Central District Court for the reasons behind the earlier decision of the Digital Asset eXchange Alliance (DAXA) to remove WEMIX from the most prominent exchanges within South Korea.
The DAXA is a crypto exchange consortium that represent the most prominent firms that are located in South Korea such as Gopax, Korbit, Coinone, Bithumb and Upbit. The DAXA said that Wemade was unsuccessful in divulging the unresolved tokens.
While insisting that the transparency of the token distribution’s reporting is significant and important, the court backed the position taken by DAXA. In response to the latest decision, Wemade claimed to keep going to battle DAXA in the courtroom on the law side through a challenge to the ruling of the court.
Then, it filed an action. Additionally it also has a plan to make a formal protest to the Korea Fair Trade Commission (known as a prominent regulator involved in the country’s economic competitiveness.
However in Japan there is a Japan Virtual Currency Exchange Association (JVCEA) that is also an independent self-regulatory body that is that is responsible for overseeing local crypto exchange platforms is examining the most recent crypto listings currently being made on exchanges. The organization is reported to be trying to make it easier for customers during the process of vetting within December.
WEMIX Token Continues to Plummet Following Delisting
In this instance, JVCEA will attempt to exclude the examination of tokens that have previously been listed on native cryptocurrency exchanges.
As per the law that was enacted locally to implement the local law in South Korea, an exclusive stock exchange is currently being scrutinized in the Financial Services Commission (FSC). This WEMIX token has seen an unending decline following its delisting scandal since the month of November.
