Regulatory Alerts2024-07-17 | 82683Act on the Protection of Virtual Asset Users Takes Effect July 19
The Financial Services Commission announced that the Act on the Protection of Virtual Asset Users takes effect on July 19, 2024, to establish a sound market order and ensure user protection. The legislation mandates that virtual asset service providers safeguard customer deposits in banks, segregate user assets, maintain insurance against hacking, and implement surveillance systems to prevent unfair trading activities like price manipulation. Financial regulators are authorized to supervise, inspect, and sanction non-compliant providers, while users are advised that the Act does not guarantee asset safety and should report suspicious activities to authorities.
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