#SouthKoreaCryptoPolicy The Virtual Asset User Protection Act took effect in July 2024. It imposes strong safeguards: crypto exchanges must hold at least 80% of user funds in cold storage, carry insurance, and follow strict anti-trust and user‑protection rules .

2. Second‑Phase Legislation in Progress (Q2–Q3 2025)

The Financial Services Commission (FSC) is drafting a follow‑up regulatory framework. Topics under discussion include trading and custody rules, exchange disclosures, stablecoin regulations, and listing standards. A draft is expected by mid‑2025, with laws introduced in H2 2025 .