South Korea Passes Crypto Bill for User Protection
The bill marks the country's first step towards a digital asset legal framework.
South Korea's National Assembly passed the Virtual Asset User Protection Act on Friday, marking the country's first step towards building a legal framework for virtual assets.
The legislation, which will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers must segregate user assets, have insurance, hold some reserves in cold wallets and maintain records of all transactions.
