PANews reported on June 25 that according to the Economic Herald, the South Korean State Council today passed the executive order of 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. In addition, VASPs have the right to stop users' cash deposits and deposits and withdrawals of virtual assets based on reasonable reasons specified in the decree. It was previously reported that the Financial Services Commission plans to set up a virtual asset committee to provide advice on policies and regulations for the cryptocurrency market.