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News

After WEMIX, Korea Financial Authority Is Considering Participating In Listing And Delisting

December 12, 2022 - Around 2 mins mins to read
After the delisting of WEMIX, a series of Korean investors suffered losses, causing the country’s financial authority to consider a proposal to “directly approve” the listing of tokens on crypto exchanges.
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As was updated in an earlier Coincu News article, when the WEMIX token of Wemix, a chain game platform under Wemade, was delisted by various crypto exchanges, investors in this country has suffered consecutive losses.

In this case, some have suggested that financial authorities should also be involved in assessing the eligibility of domestic exchanges to list and delist cryptocurrencies. But there are also differences of opinion for and against within the financial authorities, so it remains to be seen whether this will happen.

According to the financial sector on the 12th, financial authorities, including the Financial Services Commission and the Financial Intelligence Unit (FIU), have expressed the opinion that the Financial Services Commission should be continue to ‘approve’ the listing of coins on virtual asset exchanges. It is argued that the burden of risk is too great to voluntarily commission the listing of coins on domestic exchanges, like companies approved by the Financial Services Commission under the Capital Market Act when raising securities for listing.

However, in the case of virtual assets, the listing of coins is entrusted not only to the listing committee inside each exchange but also the General Advisory Body of Digital Asset Exchanges DAXA is also reacting to the delisting itself. It is increasingly suggested that direct intervention by the Financial Services Commission is necessary to prevent such a situation.

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However, it is said that there are also strong opinions against the proposal to approve the listing of this coin. This is because there is a high probability that the market will oppose the proposed regulation that radically interferes with exchange listings, and financial authorities may also feel the burden.

“Internally, the view that financial institutions should be involved in both listing and delisting of coins and the opinion that ‘take it slow’ after when only passing the basic bill is appropriate.”

A finance authority official explained

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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