• Knowledge Management Research
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• v.24 no.3
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• pp.73-94
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• 2023

With the virtual asset market's rapid growth, government regulations on listing and trading procedures are expected. However, specific measures are currently lacking. To ensure stable inclusion in the institutional framework, precise regulations are needed for market development and investor protection. This study compares self-regulatory guidelines of the top domestic virtual asset exchanges with Korea Exchange's Preliminary Listing Examination Standards (2022) to enhance timeliness and relevance. It defines IEO, IPO, and ICO concepts and addresses conflicts of interest in IEO. Analyzing delisted virtual assets, it categorizes issues and classifies listing examination guidelines into formal and qualitative requirements. The study examines self-regulatory guidelines based on continuity, transparency, stability, corporate characteristics, and investor protection criteria, along with five special requirements for virtual assets. Improvement measures include regular disclosures of governance structure, circulation volume, and the establishment of independent audit institutions. This research further analyzes delisting cases, classifies issues, and proposes solutions. Considering stock market similarities, it offers measures based on the institutional framework.