South Korean Bill Would Give Exchanges One Year to Review Supported Assets

South Korean Democratic Party lawmaker 郑泰浩 introduced a bill Oct. 29 requiring exchanges to reassess digital assets receiving trading support when the law takes effect.

Exchanges would have one year from the effective date to finish reviewing assets then receiving trading support. Assets considered to pose significant risks to user protection or market order would receive priority review within six months.

If an asset failed the bill’s conditions for continued support, the exchange would have to begin procedures to end trading support. Users would have to receive an opportunity to dispose of or transfer their holdings during that process.

Both review deadlines would start when the law takes effect, rather than on the bill’s Oct. 29 introduction date.