South Korea's first cryptocurrency regulatory framework is now in full effect, with a focus on ensuring the safety of cryptocurrency investors. The new law, the Virtual Asset User Protection Law, was officially approved on July 18, 2024, and was given a one-year grace period to refine the regulatory details.
The bill imposes stricter requirements on digital asset exchanges, and service providers in South Korea are now legally obliged to keep at least 80% of users' cryptocurrency deposits in cold wallets separate from equity funds. Exchanges must also entrust users' cash deposits to local licensed banks for safekeeping and maintain cryptocurrency reserves equal to the amount and type of customer deposits. In addition, crypto services in South Korea must now be adequately insured or set up a reserve fund in case of a hack or liquidity crisis.
South Korea's first cryptocurrency law takes full effect
2024-07-18 22:23:14
South Korea the first crypto currency regulation framework now comprehensive effectivedesk3cryptocurrencydesktopCrypto News
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