#SouthKoreaCryptoPolicy With the new Virtual Asset Users Protection Act coming into effect on July 19, cryptocurrency exchanges in South Korea have begun implementing new monitoring systems. South Korea has decided to adopt a stricter regulatory approach with the enforcement of the Virtual Asset Users Protection Act (VAUPA).

The new law introduces strict rules regarding the prevention of unfair trading practices in the cryptocurrency market. The country's financial supervisory authority has announced that it will take a proactive role in monitoring atypical Bitcoin transactions and spotting potential red flags.

The VAUPA law was officially enacted in February 2024 by the Financial Services Commission with the aim of coming into effect on July 19, 2024. Cryptocurrency exchanges had nearly one year to prepare for the new legal requirements