TechFlow news, August 19 — According to Fnnews, since the implementation of the Virtual Asset User Protection Act on July 19, the number of new listings on South Korea's major virtual asset exchanges has significantly declined. Previously, the four major exchanges—Upbit, Bithumb, Coinone, and Gopax—averaged around 25 new listings per month, but in the month following the law’s enactment, this number dropped sharply to 11.
Industry opinions on this trend are divided. Blockchain expert Choi Hwa-in believes that the global virtual asset market is currently sluggish, and declining trading volumes have led to fewer new listings. In contrast, some exchange representatives argue that project teams are submitting fewer listing applications, while increased regulatory scrutiny has made both exchanges and issuers more cautious.
Experts note that the enforcement of the law is an adjustment process, with many areas still needing improvement. Choi Hwa-in stated that despite weak market conditions, the law provides a safety net for investor protection. However, Kim Dong-hwan, CEO of Wonderframe, pointed out that due to the rushed legislative process, key provisions such as market-making activities were omitted from the Virtual Asset Act, negatively impacting liquidity for smaller virtual assets.
