According to PANews, the South Korean State Council has approved the implementation of the 'Virtual Asset User Protection Law', which will come into effect on July 19. The law mandates that Virtual Asset Service Providers (VASPs) must ensure user deposits through banks. Additionally, VASPs have the right to halt user cash deposits as well as deposits and withdrawals of virtual assets for reasons stipulated by the law.
Previously, it was reported that the Financial Services Commission plans to establish a Virtual Asset Committee, responsible for providing advice on policies and regulations for the cryptocurrency market.