The Democratic Party Leaves Listing and Delisting Authority to Exchange Autonomy

The Democratic Party is pushing for a plan to leave the authority for listing and delisting virtual assets (cryptocurrencies) to the autonomy of private exchanges such as Upbit and Bithumb.

According to industry sources on the 27th (local time), Min Byung-deok, chairman of the Digital Assets Committee under the Democratic Party's election campaign headquarters, is expected to push for a plan to leave the authority for listing and delisting to the autonomy of domestic private exchanges through the introduction of the Digital Assets Basic Act as early as this week.

Previously, a plan to establish a Listing Review Committee under the separate self-regulatory organization 'Korea Digital Asset Industry Association (tentative name)' to unify listing authority was discussed, but after gathering opinions, the direction was changed to leave the listing authority to exchange autonomy. Instead, a plan to ensure transparency in the listing standards and procedures of private exchanges will be prepared.

Meanwhile, the Digital Assets Basic Act is a second-stage industry law that complements the Virtual Asset User Protection Act implemented last year, encompassing various regulatory frameworks such as the definition, issuance, and distribution of virtual assets.