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A ruling Democratic Party lawmaker has proposed a basic law that would require virtual asset, or digital asset, exchanges to re-evaluate all listed digital assets within one year after the law takes effect, Digital Asset reported.
Rep. Jung Tae-ho of the Democratic Party introduced the bill on Oct. 29. Under the proposal, digital assets deemed to pose a significant risk to user protection or market order would have to undergo a priority review within six months of the law’s effective date. If a review finds an asset no longer meets listing maintenance requirements, exchanges would have to begin delisting procedures while ensuring users have an opportunity to dispose of or transfer the asset.
The bill would also formalize the listing review system in law. Listing service providers would be required to establish a listing review committee to assess assets under objective standards, including technical stability, the appropriateness of issuance and distribution structures, investment risk, and the impact on user protection and market order.