Regulatory Alerts2024-06-25 | 82534New Enforcement Decree on the Protection of Virtual Asset Users Approved by the Government
The South Korean government approved a new Enforcement Decree for the Act on the Protection of Virtual Asset Users, which takes effect on July 19 alongside the parent legislation. The decree mandates that virtual asset service providers keep user deposits in designated banks and store over 80 percent of virtual assets in cold wallets to ensure safety. It also establishes strict penalties for unfair trading activities, including price manipulation and insider trading, while defining specific procedures for suspending deposits and withdrawals under exceptional circumstances.
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