#SouthKoreaCryptoPolicy
š°š· Regulatory Framework & Investor Protection
Virtual Asset User Protection Act (VAUPA) ā Effective July 2024
ā¢ Consolidated 19 crypto-related bills to protect user assets and combat unfair trading.
ā¢ Requires exchanges to:
ā¢ Segregate custodial reserves and insure user deposits.
ā¢ Keep at least 80% of usersā crypto in cold wallets.
ā¢ Implement full KYC/AML, transaction monitoring, and transparent record-keeping ļæ¼ ļæ¼.
ā¢ Face penalties for non-compliance, including fines, license revocation, and enforcement by authoritative bodies .