📢Good news! The South Korean State Council has passed the "Virtual Asset User Protection Act" executive order, which will officially take effect on July 19. 🎉The goal of this decree is to protect the rights and interests of virtual asset users and regulate the order of the virtual asset market. 📜

According to the new law, virtual asset service providers (VASPs) must protect users' deposits through banks and isolate users' virtual assets from the Internet to prevent risks such as hacker attacks. 🔒

In addition, the Financial Services Commission will set up a special virtual asset committee to provide policy and regulatory advice on the cryptocurrency market. 🏛️

The new law also stipulates criminal penalties and fines for unfair trading practices such as the use of undisclosed important information and market manipulation. Under reasonable circumstances, virtual asset service providers have the right to stop users' cash and virtual asset deposits and withdrawals. 🚫

This decree is undoubtedly an important regulation of the virtual asset market and a positive recognition of cryptocurrencies such as Bitcoin. Let us look forward to more good news together! 🚀