Korean DAXA releases guidelines for listing and relisting crypto assets
A group of Korean exchanges recently announced guidelines for listing and relisting tokens.
Guidelines for listing new tokens
In a Twitter thread, Garlam (@GarlamWON), a crypto enthusiast, highlighted the must-follow rules for project tokens to get listed in Korean-based exchanges. This thread highlighted that the Korean Exchange Syndicate DAXA provided the new rules for getting listed.
DAXA was formed to implement self-regulation developed by such service providers. It dawned following the Terra crash to address the inconsistent listing and delisting of Terra Luna Classic in different exchanges.
According to Garlam, the DAXA works with the Korean SEC to protect investors in Korea.
In the tweets, Garlam mentioned several crypto exchanges that participated in releasing the guidelines, including @CoinoneOfficiaI, @upbitglobal, @BithumbOfficial, @Korbit_exchange, and @GOPAX_kr.
The tweets say one of the main criteria for listing is checking the risks associated with existing markets, mainly crypto-caused.
Secondly, before listing, exchanges will assess the securities nature of a particular crypto asset. Moreover, issues like opacity and anonymity must be checked, while an analysis of money laundering potential should be done.
When considering whether to list an asset, the above criterion must be strictly adhered to by exchanges.
Rules for relisting delisted assets
In the guidelines, DAXA also provided some rules for relisting delisted coins. If a relist has to be done, then the asset in question and its providers must have eliminated the cause of the delisting. The asset provider must prove they solved the delisting reasons in the most straightforward ways possible.
The relisting guidelines come a few months after the delisting of WEMIX, Wemade issued tokens from multiple exchanges. In fact, during the delisting of this token, DAXA was mentioned a couple of times.
However, the newly released regulations need to provide guidelines for delisting assets. Garlam reported that it is alleged that the new guidelines could include cases where the coin issuer intentionally and repeatedly disrupts markets with false info to influence the markets.