PANews reported on March 24 that the Democratic Party of South Korea criticized the excessive concentration of power in domestic cryptocurrency exchanges at the "Digital Asset Basic Law" forum, especially the power of exchanges to list and delist coins, which may cause conflicts of interest. Members of the Legislature called for legislation to clarify the regulatory framework and protect the rights of investors.
A member of the Min Council pointed out that the concentration of power in exchanges and the opaque structure of the industry are the root causes of the current problems, and proposed to learn from Japan's model of establishing an association through law to manage the listing process. Another member of the Council stressed that South Korea should strengthen supervision of exchanges, and refer to the legislative experience of Europe and the United States in separating customer assets to promote market transparency and stability.
