"The Korean government has passed an ordinance implementing the Law on the Protection of Virtual Asset Users (PVAU), effective from July 19. The Financial Services Commission (FSC) will regulate the ways and procedures to ensure PVAU is effective. 🏦#crypto#Korea

The FSC will organize a committee of government officials and experts from private industry to develop policy on virtual assets.

FSC will appoint reputable financial institutions that can manage customer deposits for virtual asset service providers (VASPs).

FSC will determine the proportion of virtual assets of VASP customers that must be stored in cold wallets, no less than 80%.

Please share your opinion about this in the comments section!#blockchain#trend"