Since the Virtual Asset User Protection Act was implemented last year, the regulatory environment of the domestic cryptocurrency market has been rapidly changing as the basic Digital Asset Act, which corresponds to the second stage of legislation, is being actively promoted. In particular, as the legal nature of virtual assets, the supervisory system, and the basic framework of market order infrastructure are established, concerns about the delisting of currently held coins are increasing.
During the recent regulatory tightening process, domestic exchanges have shrunk from about 60 to around 20. Small and medium-sized exchanges that failed to meet the requirements for real-name accounts, ISMS certification, and VASP reporting have been phased out of the market. This is not merely a panic.