🚀 South Korea is ready to launch its Act on the Protection of Virtual Asset Users (PVAU) and its Enforcement Decree on July 19. The Financial Services Commission (FSC) will play the role of crypto-cop, ensuring that the new laws are followed. A committee of experts will be formed to develop policies for virtual assets. Financial institutions will be designated to manage deposits made to virtual asset service providers (VASPs). These funds will be kept separate from VASP funds and invested in "risk-free" assets. In case of bankruptcy, customers' money will be returned directly. The FSC will also dictate that at least 80% of VASP customer virtual assets must be stored in cold wallets. The Enforcement Decree will be officially announced in early July. Meanwhile, the debate over Bitcoin ETFs continues. Stay tuned for more crypto drama!