Virtual Asset User Protection Act: South Koreas New Crypto Law [Video]

• 1The “Virtual Asset User Protection Act” in South Korea will be implemented on July 19, 2024.
• 2The Financial Services Commission notified the guidelines according to which non-fungible tokens (NFTs) would be considered virtual assets.

The Virtual Asset User Protection Act has been approved and will be imposed as an act in South Korea with effect from July 19, 2024. The act is aimed at protecting users of virtual assets from fraud and 

The act will define the scope of virtual assets subject to the law and will require all the virtual asset service providers (VASPs) to manage and store their customers’ deposits and virtual assets with all the safety and security. The characteristics that are described in the latest update are discussed in this article.

As per this new act, the virtual assets are defined as electronic tokens with economic value which can be traded or transferred on electronic exchanges.

Virtual Asset Classification as per the Law

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