South Koreas first cryptocurrency law takes effect, focusing on crypto investor safety
Odaily2024/07/19 02:10
By:Odaily
Odaily News South Koreas first
cryptocurrency regulatory framework is now in full effect, with a focus on ensuring the safety of cryptocurrency investors. The new law, the Virtual Asset User Protection Act, was officially approved on July 18 and was given a one-year grace period to refine regulatory details. The bill imposes stricter requirements on digital asset exchanges, including that service providers in South Korea are now legally obligated to store at least 80% of user cryptocurrency deposits in cold wallets separate from their own funds. Exchanges must also entrust users cash deposits to local licensed banks for safekeeping and maintain cryptocurrency reserves equal to the amount and type of customer deposits. In addition, crypto services in South Korea must now take out adequate insurance or establish reserve funds to deal with hacker attacks or liquidity crises. (The Block)
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!
You may also like
METUSDT now launched for pre-market futures trading
Bitget Announcement•2025/10/13 07:51
New spot margin trading pair — ZEN/USDT!
Bitget Announcement•2025/10/13 06:00
YBUSDT now launched for pre-market futures trading
Bitget Announcement•2025/10/11 06:49
(Sep25-Oct8) Winner List of Audience in Bitget Live Incentive Program
Bitget Announcement•2025/10/10 16:00
Trending news
MoreCrypto prices
More
Bitcoin
BTC
$112,051.51
-2.86%

Ethereum
ETH
$4,010.96
-3.90%

Tether USDt
USDT
$1
+0.01%

BNB
BNB
$1,202.07
-9.15%

XRP
XRP
$2.47
-4.94%

Solana
SOL
$196.12
-0.57%

USDC
USDC
$1.0000
-0.00%

Dogecoin
DOGE
$0.1996
-5.02%

TRON
TRX
$0.3134
-2.97%

Cardano
ADA
$0.6847
-3.84%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now