Korea's Financial Services Agency requires suspended virtual asset exchanges to purchase "virtual asset commercial insurance"
2024-08-13 05:00:09
On August 13, it was reported that the South Korean Financial Bureau required virtual asset exchanges that have stopped operating to sign "virtual asset business insurance". Some exchanges that have closed their operations, such as Gdac and Hanbitco, have already purchased insurance, and some exchanges, such as HuobiKorea, are considering purchasing insurance. The insurance of virtual asset service providers is to allow enterprises to cope with risks such as hacking attacks, system failures, etc. Last month, with the implementation of the Virtual Asset User Protection Law, it became a mandatory requirement to purchase insurance. According to the "User Protection Law", if you continue to operate without accumulating reserves or without participating in insurance with a compensation limit of at least 5 billion won, you will face fines and cannot continue to operate.
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