Tectono Business Review: SOUTH KOREA ENACTS CRYPTO PROTECTION ACT

Monday 3 July 2023

SOUTH KOREA ENACTS CRYPTO PROTECTION ACT

On Friday, June 30, 2023, South Korea's National Assembly passed the Virtual Asset User Protection Act, dramatizing the country's first step towards building a legal framework for cryptocurrencies.

The legislation, which defines digital assets and sets out punishment for unjust transactions, will be enforced in 2024 and it is compiled from 19 proposals from lawmakers.

It gives digital assets a definition and sets out retributions for unfair transactions.

Service providers must separate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions.

The bill empowers the Financial Services Commission to be in charge of and supervise service providers.

The Bank of Korea has the right to request data from service providers.

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Monday 3 July 2023

SOUTH KOREA ENACTS CRYPTO PROTECTION ACT

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