CoinWorld News reports that on August 29 (UTC+8), the South Korean government announced plans to revise the 'Telecom Fraud Victims Compensation Act' to address telecom fraud conducted through cryptocurrency exchanges. The new regulations will require cryptocurrency exchanges to have the same legal basis as financial institutions for freezing involved accounts and returning misappropriated funds. The South Korean Financial Services Commission stated that current cryptocurrency exchanges lack relevant legal responsibilities, leading to the rapid spread of fraudulent funds through virtual asset accounts.