ChainCatcher message, since the implementation of the "Virtual Asset User Protection Act" on July 19, the number of cryptocurrencies listed on the four exchanges of Upbit, Bithumb, Coinone, and GoPax has dropped to 11 (including duplicates). The total number of cryptocurrencies listed on these exchanges this year is 188, averaging 24.5 per month, but this number has decreased by more than half.In addition, Coinone averages 7.8 cryptocurrencies listed per month, but has only listed 4 since the law took effect.

ChainCatcher message, Bithumb announced that in order to protect investors and establish a sound market order, Bithumb is actively responding to unfair trading practices such as using undisclosed information, market manipulation, and illegal trading before the implementation of the "Virtual Asset User Protection Act" (July 2024). They plan to set up a reward of up to 300 million KRW for reporting unfair trading, which will be paid to those whose reported actions are subject to disciplinary action or confirmed by the court as valid (first report).

ChainCatcher news, according to the Economic Pioneer, the South Korean State Council today passed the enforcement order of the "Virtual Asset User Protection Act," which will take effect on July 19. The decree stipulates that virtual asset service providers (VASP) must secure user deposits through banks.In addition, VASP has the right to suspend users' cash deposits as well as deposits and withdrawals of virtual assets based on reasonable grounds specified in the decree.

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea has confirmed that the token delisting standards will be included in the best practices for compliance with the Virtual Asset User Protection Act, which will be released in early June. An official from the Financial Supervisory Service stated in a call with Bloomberg on Tuesday that the upcoming "Best Practices for Compliance with the Virtual Asset User Protection Act" will not only include listing standards for virtual assets but also guidelines on whether to maintain the trading of listed virtual assets. The guidelines will provide a basis for cryptocurrency issuers to delist in case of issues. The guidelines are expected to be released from late May to early June.Currently, the Financial Supervisory Service is developing guidelines to support cryptocurrency exchanges in self-regulation before the implementation of the Virtual Asset User Protection Act in July. The plan includes best practices that contain standards for the issuance volume, circulation, and trading support of virtual assets, prohibits the listing of virtual assets with a history of hacking incidents, and requires the release of a Korean white paper and technical manual when listing virtual assets overseas.

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)

ChainCatcher news, the Political Affairs Committee of the National Assembly of Korea has passed the "Virtual Asset User Protection Act" in a plenary meeting held today. The focus of this bill is to protect virtual asset users and limit unfair trading, making it the country's first domestic legislation aimed at virtual assets. (Source link)