[South Korea Crypto Policy Update ๐ฐ๐ท]
South Korea continues to take a proactive but cautious stance on cryptocurrency regulation. With the Virtual Asset User Protection Act coming into effect in July 2024, the government aims to strengthen investor protection, improve transparency, and tighten supervision of virtual asset service providers (VASPs).
๐ Key Highlights:
โ Stricter requirements for exchanges on safeguarding user funds
โ Real-name trading accounts & bank partnerships remain mandatory
โ Crackdown on insider trading, market manipulation, and wash trading
โ Enhanced authority for the Financial Supervisory Service (FSS)
โ Support for future adoption of CBDCs (Central Bank Digital Currencies)
๐ฐ๐ท South Korea remains a major player in the global crypto market with one of the highest retail adoption rates. These policies aim to build trust and stability in the local crypto ecosystem without stifling innovation.
๐ฌ What are your thoughts on South Koreaโs balanced approach to regulation? Could this be a model for other countries?