Virtual Asset Law's Impact: Coin Listings Plummet
CryptoNewsTerminal Staff19 Aug, 2024
Virtual Asset Law's Impact: Coin Listings Plummet
The implementation of the Virtual Asset Utilization Protection Act in South Korea has had a significant impact on the number of virtual assets listed on major exchanges in the country. According to the Financial Times, the number of listed assets has dropped to just 11, less than half of the average listings in the months leading up to the law's enactment. Upbit, one of the largest exchanges, has seen a steep decline in listings since the law came into effect, with only two new coins being added after averaging nearly 8 per month in the first half of the year. Bithumb and Coinone have also reduced their monthly listings, with Coinone's average dropping from 7.8 to 4. GOPAX has not listed any new coins since the law's implementation. The reduction in listings is attributed to the strict requirements imposed by the Virtual Asset Act, which aims to prevent fraudulent and speculative trading in the crypto market. Exchanges are now required to conduct thorough due diligence on any new asset they wish to list, which has led to a more cautious approach to adding new coins.
