South Koreas first cryptocurrency law takes effect, focusing on crypto investor safety

2024/07/19 09:47

Odaily News South Koreas 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 Act, was officially approved on July 18 and was given a one-year grace period to refine regulatory details. The bill imposes stricter requirements on digital asset exchanges, including that service providers in South Korea are now legally obligated to store at least 80% of user cryptocurrency deposits in cold wallets separate from their own 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 take out adequate insurance or establish reserve funds to deal with hacker attacks or liquidity crises. (The Block)

原文链接
Latest news
23:12
A whale sold 4 million FARTCOIN at $1.14
23:07
Today, Bitcoin ETF has a net inflow of 9,882 BTC, and Ethereum ETF has a net inflow of 8,156 ETH
23:04
Ethereum L2 Reddio announces token economic model: total 10 billion tokens, community allocation accounts for 8%
22:59
Coinbase CLO: Alabama drops enforcement action against Coinbase
22:53
New SEC Chairman Paul Atkins to Speak at Next Crypto Roundtable
Recommended Reading