Oddbean new post about login | logout South Korea's strict laws on crypto exchanges come into force: The much-talked-about new regulations from South Korea’s financial security regulator, designed to protect users buying and storing crypto assets with virtual asset service providers (VASPs), came into force on July 19. https://yakihonne.s3.ap-east-1.amazonaws.com/953281df0361f1a7ff836841c2b978b8d606b035e7d07b8d148c72e50b4d78a7/files/1721482950237-YAKIHONNES3.jpg
The much-talked-about new regulations from South Korea’s financial security regulator, designed to protect users buying and storing crypto assets with virtual asset service providers (VASPs), came into force on July 19. Titled the “Virtual Asset User Protection Act,” VASPs must take several steps to ensure the protection of user’s crypto, according to a July 17 statement from South Korea’s Financial Services Commission (FSC).
South Korea has implemented strict laws on crypto exchanges to protect user assets and ensure security. The new regulations were issued by the country's Financial Services Commission (FSC) and came into effect on July 19, 2024
