Seoul, Republic of Korea – (Newsfile Corp. – June 8, 2021) – Xangle, the cryptocurrency disclosure platform, offers Xangle Credibility Rating (XCR) which will be used as an official reference document by Korean commercial banks to evaluate cryptocurrency exchanges.
New guidelines, known as the “Visual Asset Operation Risk Assessment” recently issued by the Korean Federation of Banks to Commercial Banks, include rules for assessing the creditworthiness of listed coins. Trading with poorly creditworthy trading pairs will be considered high risk under the new rules.
The guidelines cover the total number of virtual assets listed on a stock exchange, the trading volume of each coin, and the presence of low-credit coins. Setting up a real name account is important for the proper functioning of a virtual asset trading site. Banks therefore set standards for issuing real name accounts.
The establishment of standards for listed assets aims to decentralize the power of the exchange to list new coins. The stock exchanges have enjoyed a monopoly in a regulatory blind spot, which will be mitigated by audits of banks and third parties.
The Korean securities market requires companies wishing to be listed to apply for a pre-listing review by sharing information on the following: appointment of the auditor, selection of a management company, organization of the listing system company, development of the internal control system and compulsory share acquisition procedure. .
The KRX Korea Exchange quotation team will begin its quotation inquiries on the basis of the documents received from the auditor and the management company. Feedback from third-party agencies that are not logged into the trading platform or the pre-registration company will help avoid accounting issues caused by parts lists.
Korean crypto exchanges require listed projects to provide the following: project information, business strategy, token structure and issuance plan, overall project development plan, and presence of a third-party company. The South Korean crypto market is expected to introduce an independent third-party audit system.
James Kim, co-founder and co-CEO of CrossAngle said, âCurrently, the Korean authorities are not directly regulating the crypto industry, but are embarking on indirect regulation through commercial banks. Therefore, it appears that they have given the exchanges the responsibility of ensuring that the coins they list have credibility and commercial value to protect investors. “
As the guidelines do not originate from the Financial Services Commission, however, they will not be enforced by regulators.
Since these slim guidelines are the only ones released to date before the Law on the Reporting and Use of Information on Financial Transactions Specified in September came into full effect in September, it is unlikely that they will change the main course of the said law.
Xangle has been tackling information asymmetry in the crypto-asset industry with its disclosure issuance platform since 2018. The platform collects the widest range of information on and off the chain. channel related to the project, checks them and displays them in one place as disclosures or announcements. With Xangle, traders and investors gain unprecedented access to the comprehensive, real-time information they need from over 2,000 crypto assets. Xangle legitimizes the crypto asset industry in the eyes of government regulators, those in the mainstream financial industry, and the general public. The Xangle platform directly promotes transparency, which dismantles the barrier of understanding between projects and investors, and allows projects to move forward at the pace they deem best.
Company name: Xangle
Contact Name: Brian Newar
Email: [email protected]
Phone number: 82-2-558-4437
Mailing address: 376 Gangnam-daero, 13th floor,
City: Seoul, Republic of Korea
Postal code: 06232
Official site: https://xangle.io/
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