A new era of cryptocurrency regulation in South Korea: the first "Virtual Asset User Protection Act" has come into full effect

South Korea has officially entered a new era of cryptocurrency regulation. Its first law targeting the cryptocurrency market, the "Virtual Asset User Protection Act", has come into full effect on July 18, 2024, marking a solid step forward in South Korea's efforts to protect the rights and interests of cryptocurrency investors. The bill not only provides a legal basis for the healthy development of South Korea's cryptocurrency market, but also sets a new benchmark for global cryptocurrency regulation.

To ensure the safety of investors' funds, the new law imposes stricter regulatory requirements on digital asset exchanges. Exchanges are required to store at least 80% of user cryptocurrency deposits in cold wallets and strictly separate them from their own funds, which greatly reduces the risk of asset theft or abuse. At the same time, exchanges are also required to entrust users' cash deposits to local licensed banks for safekeeping and maintain cryptocurrency reserves that match customer deposits to enhance market liquidity and stability.

In addition, South Korean crypto service providers are also required to take out adequate insurance or establish reserve funds to deal with possible hacker attacks or liquidity crises. This regulation provides investors with additional security and enhances their confidence in the cryptocurrency market. Strategy Understanding--Research Institute--972331171

With the full implementation of the "Virtual Asset User Protection Act", the Korean cryptocurrency market will usher in a more standardized and transparent development environment. In the future, South Korea will continue to improve regulatory details and promote the healthy and sustainable development of the cryptocurrency market. #以太坊ETF批准预期 #美国大选如何影响加密产业？ #山寨季何时到来？ #美国6月CPI大幅降温 #美联储何时降息？ $1000SATS $WIF $PEPE