Upbit, the world's second-largest cryptocurrency exchange and South Korea's largest, has listed three tokens in the past three days: Bounce, Stargate and BEAM. This is an unusual move for the stock market and may be related to recent regulatory changes in South Korea.
The “Virtual Asset Investor Protection Law” in South Korea will come into force in South Korea in July 2024. The law was created on July 18, 2023 to protect virtual asset users and maintain order in the virtual asset market.
The law primarily regulates the protection of the assets of virtual asset users, prohibits unfair trading practices in the virtual asset market, and determines the supervision and sanction powers of financial authorities over the virtual asset market and its operators.
The increased number of listings on Upbit may represent listing accelerations before these rules went into effect. In addition, according to the new rules, altcoins that have previously been hacked may also be prohibited from being listed.
Listing candidate altcoins that have Bitcoin parity but not KRW parity on Upbit, which has accelerated their listings, are as follows:
- Chromia (CHR)
- API3 (API3)
- Audius (AUDIO)
- iExec RLC (RLC)
- Magic (MAGIC)
- Prom (PROM)
- Digibyte (DGB)
- CyberConnect (CYBER)
- Numeraire (NMR)
- Cartesi (CTSI)
- Omni Network (OMNI)
- Moonbeam (GLMR)
- Dent (DENT)
- Sun (SUN)
- BARLEY (BARLEY)
- Bancor (BNT)
- Orchid (OXT)
- Adventure Gold (AGLD)
- NKN (NKN)
- Radworks (RAD)
- Origin Protocol (OGN)
- Gitcoin (GTC)
- REI Network (REI)
*This is not investment advice.