- South Korea moves to implement an enforcement decree for crypto user protection.
- The enforcement regulations specify that 80% of users’ crypto must be in cold storage.
- The preliminary notice of legislation will last until January 2024, with the law taking effect in July 2024.
The South Korean government has taken a decisive step towards safeguarding virtual asset users and ensuring a secure trading environment in the crypto market. Under the Financial Services Commission, South Korea has moved to implement the Enforcement Decree of the Act on protecting virtual asset users alongside the accompanying supervisory regulations.
The Enforcement Decree is based on the “Virtual Asset User Protection Act,” promulgated in July. Per the official communication, the enactment process, including the enforcement ordinance, entered a preliminary notice of legislation starting Monday, December 11. This will last until Monday, January 22, next year.
Furthermore, the South Korean government noted that following this period, the regulations will become binding on July 19, 2024. It is worth mentioning t…
The post Enforcement Decree for Crypto Protection Act Underway in South Korea appeared first on Coin Edition.