Korean cyrtocurrency exchanges join up to institutionalize disclosure system

2019.10.02 15:09:47

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Four Korean cryptocurrency exchanges - Bithumb, Korbit, Hanbitco and Bitsonic - will introduce a disclosure system in partnership with listing disclosure blockchain platform operator CrossAngle to ensure more transparency in the virtual coin suppliers and protection for investors.

During a press conference held on Wednesday, the cryptocurrency exchange operators said the measure aims to ensure a fair and sound trading environment by providing essential information from the third party to investors on a rolling basis.

As of Oct. 1, as many as 353 cryptocurrency projects were disclosed through through CrossAngle’s public disclosure platform Xangle. Such information is provided regularly, irregularly or in the form of notification. About one third, or 118 cases, has been directly input by cryptocurrency developers.

Key information provided regularly includes profiles of board members, organizational structure, shareholding structures, nature of business and competitors in the industry, investment and financial statements, and token issuance records and exchanges for listing.

Irregular disclosure information includes new listing and delisting, change in leadership team, rumor and fact check, change in ownership of key tokens, token governance structure, token buyback and retirement.

CrossAngle said regular disclosure standards will be continuously developed by mirroring those of Korea’s electronics financial disclosure system Dart or U.S. Edgar.

CrossAngle will also introduce incentive and penalty systems to encourage honest disclosure by each project. This service is currently used by 10 global cryptocurrency exchanges – six in Japan, three in Asia and one in Russia.

By Oh Dae-seok and Minu Kim

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