According to PANews, the South Korean State Council has passed an executive order for the Virtual Asset User Protection Act, which will take effect on July 19. The decree stipulates that virtual asset service providers (VASPs) must protect user deposits through banks. VASPs have the right to stop users' cash deposits and deposits and withdrawals of virtual assets based on reasonable grounds specified in the decree. In addition, the Financial Services Commission plans to set up a virtual asset committee to provide advice on policies and regulations for the cryptocurrency market, according to the Economic Herald.
