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CryptoIntelligence 2024-07-22 08:50:00

South Korea Enforces New Crypto User Protection Laws Amid Concerns and Proposed Tax Delay

South Korea Enforces New Crypto User Protection Laws Amid Concerns and Proposed Tax Delay

New regulations from South Korea’s financial security regulator, aimed at protecting users buying and storing crypto assets with virtual asset service providers (VASPs), came into effect on July 19. Named the “Virtual Asset User Protection Act,” the law requires VASPs to implement several measures to safeguard users’ crypto, as outlined in a July 17 statement from South Korea’s Financial Services Commission (FSC). Key mandates include obtaining insurance against hacking and malicious attacks on user assets, keeping customer crypto assets separate from the exchange’s holdings, and ensuring customer deposits are securely held in banks. Additionally, VASPs must conduct due diligence to

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