News list for " protection law"
Since the implementation of the Virtual Asset User Protection Act on July 19, the number of cryptocurrencies listed on four exchanges, Upbit, Bithumb, Coinone and GoPax, has dropped to 11 (including duplicates). The total number of cryptocurrencies listed on these exchanges this year is 188, an average of 24.5 per month, but this number has been reduced by more than half.
On August 1, it was reported that with the implementation of South Korea's "Virtual Asset User Protection Law", virtual asset service providers such as Upbit, Bithumb and Coinone will also start paying regulatory fees. Regulatory fees are collected based on operating income, and the total amount is expected to be 300 million won (220,000 US dollars). The regulatory contribution of virtual asset service providers will be calculated based on the operating income and contribution rate of the previo...
With the implementation of the Virtual Asset User Protection Act, virtual asset service providers such as Upbit, Bithumb, and Coinone will also start paying regulatory fees. Regulatory fees are levied based on operating income and are expected to total 300 million won (220,000 USD). The regulatory contribution of the virtual asset service provider will be calculated based on the operating income and contribution rate of the previous operating year. According to the 2024 contribution rate, the co...
With the implementation of the Virtual Asset User Protection Act, South Korean crypto exchange Gopax has signed up for business liability insurance for virtual assets from Samsung Fire. The product covers accidents such as hacking attacks. According to the Virtual Asset User Protection Act, exchanges must store more than 80% of their coins in cold wallets. For cases where the value of virtual assets stored in hot wallets connected to the Internet exceeds 5%, insurance must be registered or a por...
According to the official announcement, Bithumb has amended its terms of use to comply with the Korean Virtual Asset User Protection Law, including: 1. Refine the concepts of virtual assets, profits, and abnormal transactions, and delete the "content service" item; 2. Modify the service type in combination with the actual situation, and add laws and regulations as the basis for the right to use the service. 3. Add the "Virtual Asset User Protection Law" as the basis for amending the provisions. ...
On July 4th, with the "Virtual Asset User Protection Law" coming into effect in July, South Korean financial authorities announced that they will cooperate with virtual asset exchanges to develop "continuous abnormal transaction monitoring guidelines". The MAS has established a unified transaction data table standard to detect abnormal transactions, and exchanges have also established computer systems. Major new items of transaction information accumulation include market information and transac...
The South Korean cabinet on Friday approved the "Virtual Asset User Protection Law Implementation Order", which stipulates the specific content of the "Virtual Asset User Protection Law". The law, which will take effect on July 19, aims to protect users of virtual assets and establish a healthy market order. The law defines the definition of virtual assets and the objects of exclusion of virtual assets, and stipulates virtual assets.
