South Korea's government has approved the enforcement of the Act on the Protection of Virtual Asset Users (PVAU), effective from July 19. The Financial Services Commission (FSC) will oversee its implementation, including the segregation of customer funds from virtual asset service providers (VASPs) and the requirement that at least 80% of VASP customer virtual assets be stored in cold wallets. The FSC will also establish a committee to develop policy on virtual assets and designate credible financial institutions to manage customer deposits to VASPs. The Enforcement Decree will be officially announced in early July.