1 year ago
South Korea's National Assembly passed the Virtual Asset User Protection Act connected Friday, marking the country's archetypal measurement towards gathering a ineligible model for virtual assets.
The legislation, which volition instrumentality effect adjacent year, is compiled from 19 proposals from lawmakers. It defines integer assets and sets retired penalties for unfair transactions. Service providers indispensable segregate idiosyncratic assets, person insurance, clasp immoderate reserves successful acold wallets and support records of each transactions.
The measure gives the Financial Services Commission authorization to oversee and inspect work providers. The Bank of Korea has the close to petition information from work providers.
Virtual assets person travel nether much scrutiny successful the state pursuing an probe into a home lawmaker's crypto holdings and past year's illness of Terraform Labs.
Edited by Parikshit Mishra.
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