#SouthKoreaCryptoPolicy Binance Square: Updates on Cryptocurrency Policy in South Korea 🇰🇷

South Korea continues to create a progressive environment for cryptocurrencies! With the implementation of the Virtual Asset User Protection Act (VAUPA) coming into effect in July 2024, the country is strengthening investor protection. Exchanges are now required to store 80% of user assets in cold wallets, collaborate with local banks, and have insurance against hacking attacks. This enhances security and trust in the market.

Additionally, starting in 2025, a 20% tax on cryptocurrency profits will be introduced, and discussions about spot Bitcoin ETFs and won-based stablecoins are gaining momentum. Presidential candidates actively support crypto innovations, promising new opportunities for 15 million local investors.

Binance aims to comply with South Korea's stringent requirements by enhancing KYC/AML procedures and working on local partnerships. We continue to support users through educational initiatives from Binance Academy and secure trading tools.

How do you evaluate these changes? Share your thoughts in the comments! 🚀

#SouthKoreaCryptoPolicy #Binance #CryptoRegulation