South Korea's FSC Reveals Plans
Innovators to Safeguard Users of
Digital Assets
In a bold step towards cryptocurrency regulation, the Commission
South Korea's Financial Services Board (FSC) announced suggested rules
to safeguard users of digital assets.
The proposal, in line with the Law on the Protection of Users of
Virtual Assets of 2023, seeks to strengthen financial security
minimize risks.
Measures include strict requirements for deposit custody
through the use of cold storage, offering a defense
robust against possible cyber threats.
Measures include strict requirements for deposit custody
through the use of cold storage, offering a defense
robust against possible cyber threats.
This approach, urging that at least 80% of the digital assets of
customers are stored in cold wallets, demonstrates determination
of the FSC in protecting cryptocurrency investors.
The law also clearly delimits digital assets, excluding
NET and CBDCs from the proposed regulations.
This clarification, although necessary, raises the question about the
constant market evolution and how these exclusions could
impact the cryptocurrency landscape in South Korea.
Disclaimer: The information presented does not constitute
financial, investment, commercial or other advice and is
solely the opinion of the writer, Images are for purposes only
illustrative and should not be used for making important decisions. To the
use this site, you agree that we are not responsible for any loss, damage or
injuries resulting from the use or interpretation of information or images.