South Korea Implements its Crypto Legislation
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South Korea’s first legislation to safeguard crypto investors officially took effect on Thursday, as the country works to address regulatory gaps within the industry.
The Virtual Asset User Protection Act was created to address issues such as unfair trading practices, which have been highlighted in previous incidents such as the Terra-Luna crash and FTX’s collapse.
This law follows recent efforts by South Korean crypto exchanges to avoid mass delistings in anticipation of the new regulations.
The Act specifically defines virtual assets as electronically transferable tokens with economic value, encompassing most forms of cryptocurrency but excluding non-fungible tokens and central bank digital currencies.
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