🇰🇷 The South Korean government has adopted a law to protect users of virtual assets. It will come into force on July 19

In addition to what I mentioned earlier (see post below), the law defines virtual assets as “electronic indicators that have economic value and can be traded or transferred electronically.”

In addition to this, deposit tokens (tokenized versions of bank deposits, in short stablecoins), NFTs and e-bonds have been added to the virtual asset exclusion list. That is, these types of assets will not be considered virtual assets by South Korean regulators, since they pose a low risk of harm to users

The law also requires virtual asset service providers (VASPs), particularly CEX exchanges, to protect user deposits through banks, guaranteeing refunds in the event of a company failure.

Let me remind you that in the first quarter of this year, the Korean won overtook the USD in terms of trading volume with fiat on the CEX