According to Foresight News, the Financial Supervisory Service (FSS) of South Korea has confirmed the inclusion of token delisting standards in the best practices for the 'Virtual Asset User Protection Act' set to be released in early June. An official from the FSS stated in a call with Bloomberg on Tuesday that the forthcoming 'Best Practices for Compliance with the Virtual Asset User Protection Act' will not only include the listing standards for virtual assets but also guidelines on whether to maintain the listing of virtual assets.
The guidelines will provide a basis for cryptocurrency issuers to delist in case of issues. The guidelines are expected to be released between the end of May and the beginning of June. Currently, the FSS is formulating these guidelines to support cryptocurrency exchanges in self-regulation before the 'Virtual Asset User Protection Act' is implemented in July.
The proposed best practices include standards for the issuance volume, circulation, and trading support of virtual assets, prohibiting the listing of virtual assets with a history of hacking attacks, and issuing Korean white papers and technical manuals when listing overseas virtual assets.
