"Hey, even the implementation of the deed hasn't been done yet, you're already fussing, don't do it like that."
South Korean authorities announcing plans to review 600 domestic cryptocurrencies every quarter starting next month have caused the altcoin market to take a drastic plunge.
This is because panicked investors have acted to sell their altcoin holdings ahead of the implementation of the Virtual Assets Consumer Protection Act (Virtual Assets Act) which aims to provide a structured framework for virtual asset transactions and protect consumers.
That streak, about ten coins traded against the Korean won on the Upbit crypto exchange has experienced a 10% to 20% decline and it should be noted that troubled digital assets can face delisting.
Criticism of the review covers formal aspects such as producer credibility, consumer protection, technological safety and regulatory compliance including qualitative aspects that look at supply volumes, distribution plans and any changes to business plans.
In addition to helping to create a unified listing standard for crypto exchanges, the Financial Supervisory Service explained that the information is additional material submitted to the National Assembly when the Virtual Assets Act is passed.
It is true that financial authorities supervise virtual asset operators, but they do not directly review individual tokens.
The Financial Supervisory Service urges investors to be aware of the subsequent risk that many altcoin investors lack proper information regarding their investments, therefore they should focus on responsible investment.