The South Korean financial authority is preparing to introduce new policies and guidelines for token listing, drawing on past cases as examples for local exchanges to follow. Currently, fiat-to-crypto exchanges in Korea have been using a guideline set by the Digital Asset eXchange Alliance (DAXA), a self-regulatory group of five major Korean crypto exchanges. This existing guideline is somewhat vague, allowing exchanges to list tokens at their own discretion.

However, the upcoming new guideline from the financial authority, expected to be released in June, will be the government's first official manual on token listing. This initiative is in conjunction with the imminent Virtual Asset User Protection Act, which will go into effect in July.

The new guidelines are anticipated to provide examples of past fraud detection and real-time monitoring cases that are considered industry precedents. Additionally, the financial authority plans to share past exemplary cases of token listings as early as April, aiming to establish a model listing process and assist local crypto exchanges in complying with regulations.

The announcement follows a decision by the local game company Wemade to relist its native token WEMIX on Korbit, a DAXA member exchange. WEMIX had been delisted from major exchanges a year prior due to questionable practices in token issuance, raising concerns among crypto insiders regarding listing criteria.

In light of the continued bullish trend in the crypto market, Bithumb and Coinone, the second and third-largest exchanges in Korea, are ramping up efforts to accelerate the listing of new coins. Industry experts predict that these exchanges will enhance their screening and reviewing processes for tokens to align with the new guidelines in the future.

According to an official from the Korean Financial Intelligence Unit (FIU), although the anticipated listing process is not legally binding, it is expected to have a significant impact on local crypto exchanges compared to the current self-regulated DAXA guidelines.