South Korea is set to implement robust measures to safeguard digital asset users and establish “order” in the nascent crypto market.
The country’s Financial Services Commission (FSC) has announced the upcoming enforcement of the “Virtual Asset User Protection Act” on July 19, 2024, aiming to protect users’ assets, prohibit “unfair trading practices”, and grant financial authorities the power to supervise and sanction virtual asset markets and operators.
Life Imprisonment For Crypto Violators
According to the FSC’s press release on Wednesday, virtual asset business operators will be obligated under the new legislation to securely safeguard users’ deposits and crypto assets.
To ensure the safety of users’ funds, institutions with public trust will manage the deposits, with banks designated as the managing institutions.
Interestingly, virtual asset business operators must store a certain percentage of users’ crypto assets apart from the Internet to enhance pr
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