South Korea’s 20 crypto exchanges and their representative body jointly established a new code of conduct for local cryptocurrency firms on Tuesday. This will entail a reevaluation of over 1,300 cryptocurrencies already being traded on domestic platforms.

The newly published self-regulatory standards for industry players are set to be implemented on July 19, the same day South Korea’s inaugural regulatory framework on crypto investor protection comes into force, industry body Digital Asset Exchange Association (DAXA) said in the press release.

“If in the future a new cryptocurrency is to be listed, the exchange will need to examine the token on both formal and qualitative requirements,” the release said, explaining the rules the industry alliance will impose on its member companies.

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