South Korea Implements Virtual Asset Protection Laws on July 19

New regulations aim to enhance the security and oversight of virtual asset transactions in South Korea.
South Korea Implements Virtual Asset Protection Laws on July 19
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The South Korean government is set to enforce the Act on the Protection of Virtual Asset Users (PVAU) on July 19. The law mandates the Financial Services Commission (FSC) to oversee virtual asset service providers (VASPs) and ensure customer funds are managed securely. VASPs must segregate customer funds, invest them in risk-free assets, and store a minimum of 80% of customer digital assets in cold wallets. The FSC will also form a committee to develop policies for unregulated virtual assets and enforce rules against abnormal trading activities.

This regulatory framework reflects South Korea's intensified efforts to safeguard investors and enhance market integrity.

Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.

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