The Virtual Asset User Protection Act got one year to iron out the kinks in the regulations.
In tandem with the new legislation, the FSC has developed a 24-hour monitoring network.
The first cryptocurrency regulatory framework in South Korea is currently up and operational. Prioritized in the wake of the catastrophic 2022 crypto market crashes at Terra-Luna and FTX, the new regulations aim to provide investor protections.
After receiving formal approval on July 18, 2023, the Virtual Asset User Protection Act got one year to iron out the kinks in the regulations. The measure makes it more difficult to trade digital assets. Now that it’s the law in South Korea, service providers must store cryptocurrency deposits held by their customers in cold storage, separate from their own funds.
Stringent Compliance Mandatory
Moreover, in addition to keeping reserves of cryptocurrencies equivalent to the quantity and kind of customer deposits, exchanges are required to delegate custod
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