Bitcoin

<ul><li>South Korea&#39;s first crypto regulatory framework goes fully live after a year of grace period.</li><li>Crypto exchanges in South Korea must keep 80% of user deposits in cold storage.</li><li>The Virtual Asset User Protection Act mandates real-time monitoring and reporting of irregular trading activities.</li></ul>South Korea&#39;s first crypto regulatory framework is now fully <a href="https://www.fsc.go.kr/eng/pr010101/82683?srchCtgry&#61;&amp;curPage&#61;&amp;srchKey&#61;&amp;srchText&#61;&amp;srchBeginDt&#61;&amp;srchEndDt&#61;" rel="noopener noreferrer nofollow">operational</a>. This law was expedited after the collapses of Terra-Luna and FTX in 2022, aiming to provide safety for cryptocurrency investors.The Virtual Asset User Protection ActThe Virtual Asset User Protection Act, officially <a href="https://www.fsc.go.kr/eng/pr010101/81217" rel="noopener noreferrer nofollow">approved</a> on July 18, 2023, had a one-year grace period to <a href="https://cryptotale.org/south-korea-unveils-new-accounting-and-disclosure-rules-for-crypto/" rel="noopener noreferrer nofollow">finalize</a> regulation details. Under this act, digital asset exchanges must now store at least 80% of user deposits in cold storage, separate from their own funds. Exchanges are also required to entrust users&#39; cash deposits to a licensed local bank and maintain cryptocurrency reserves matching customer deposits. Additionally, crypto services must have insurance or a reserve fund for hacks or liquidity issues.<a href="https://cryptotale.org/south-koreas-inaugural-crypto-law-now-in-effect-key-regulations-and-requirements/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

South Korea's Inaugural Crypto Law Now in Effect: Key Regulations and Requirements

CryptoTale

Outros artigos publicados em 20 de jul. de 2024

Tornado Cash Experiences $1.9 Billion Surge in Deposits Amid Sanctions

Bitcoin Formed Bullish Flag and Could Breakout Soon; 80K Coming?

MoonBag Coin: Excelling As A Top Crypto Presale in 2024, with Unmatched Success, Defeating Celest...

Could Bearish Bear ($GROWL) Deliver 1000x Returns Like Bitcoin?

BlockDAG Excels with UFC Champion Alex Pereira's Endorsement: Can Its Live Presale Surpass DOT & ...

MetaBeat Partners with FZF Ventures to Lead Web3 Music Innovation

Join our free newsletter for daily crypto updates!