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News Explorer — South Korea Roles Out New Law Aiming to Protect Crypto Investors

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Jul 19, 6:42 am
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South Korea Roles Out New Law Aiming to Protect Crypto Investors

South Korea's Virtual Asset User Protection Act has come into effect, aiming to address regulatory shortcomings and protect crypto investors. The law requires crypto exchanges to deposit users' funds in financial institutions, keep assets in cold wallets, and report abnormal transactions to financial authorities. It also excludes non-fungible tokens and central bank digital currencies from its definition of digital assets.

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