The South Korean "Virtual Asset User Protection Act" was passed in the National Assembly plenary session and is expected to be officially implemented in July 2024

2023-06-30 14:57:41

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ChainCatcher news, the "Virtual Asset User Protection Act" was passed in today's plenary session of the South Korean National Assembly. It is reported that the focus of this legislation is to protect virtual asset users and restrict unfair trading, making it the country's first legislation targeting virtual assets.

According to a statement released by the Financial Services Commission (FSC) of South Korea, the law is expected to be implemented in July 2024. The "Virtual Asset User Protection Act" mainly includes "protection of virtual asset users' assets," "regulation of unfair trading behaviors in the virtual asset market," and "supervision and sanctioning authority of financial authorities over the virtual asset market and operators." (Source link)

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